After spectacular growth in value during the recent bull market, crypto charity has also ramped up in the cryptocurrency community.
Digital assets are showing an enormous potential to aid charity-based and non-profit projects globally. In the last month, two unrelated cryptocurrency projects have collectively raised over $3 million on charitable contributions
One is Elongate, a parody of Elon Musk’s Watergate scandal, which managed to raise $2 million to support both the Human Relief Foundation and Give India. And the second is a Covid-19-Support organization raising funds as a relief upon Covid crisis in South Asia.
Several NGOs such as Action Against Hunger, Children International,Human Relief Foundation, The Ocean Cleanup, Give India and Big Green have been blessed with Elongate’s support after running crypto donation programs.
Crypto Holders are Lending a Hand
Like Dogecoin, Elongate also started as a meme, but has become a major player in the market for crypto-based charities.
Elongate reports having over 400,000 holders worldwide and is likely to launch its own token on BitMart in the near future. The platform works to harness the growth of DeFi adoption towards a more fair distribution plan through charitable giving.
In addition, a DeFi project called Munch managed to raise over $1 million in charity to support GiveWell Maximum Impact Fund, project aiming to support developing nations.
Historically the GiveWell Fund has helped to raise millions in funds to support the battle against malaria in Africa.
News Ways to Support Positive Action
The method proposed by Munch to raise funds consisted in participating in the transaction fees on every buy and sell order made over Ether platform. The 10% transaction fee was distributed to both token holders and charity evenly.
Bull markets generate wealth and the crypto community is moving towards a sense of social participation through giving to good causes.
Alex Wilson, co-founder of The Giving Block, has announced a charity drive to encourage crypto investors to every year donate at least 1% of their digital assets to charity. Several other crypto industry players have joined the trend as well.