Tag: Crypto Donations

Crypto Donations to Exceed $10 Billion in a Decade

by Blockchain News

Data collected by The Giving Block, a crypto charity platform, has revealed that cryptocurrency donations are set to exceed $10 billion in the next decade. The Giving Block’s 2023 annual report, titled “Crypto Philanthropy Data, Trends & Predictions,” shows that all-time crypto donations on the platform surpassed $125 million in 2022. The platform predicts that it could top $1 billion by August 2027, reaching $5 billion in June 2031, and exceeding the $10 billion mark in November 2032.

The Giving Block based its predictions not only on the data available from its platform but also on its analysis of Bitcoin’s (BTC) price trajectory. The platform predicts that BTC may reach $100,000 in September 2026 and $250,000 in October 2029.

The report also highlights the most popular cryptocurrencies used in donations and the largest crypto donation of the year. USD Coin (USDC) accounted for 44% of the volume, with Ether (ETH) following closely behind with 24%, and BTC with 17% of the donations. Meanwhile, Ethereum co-founder Vitalik Buterin holds the record for the largest crypto donation of the year, giving $9.4 million through Balvi, his philanthropic fund.

As the popularity of crypto donations grows, some may wonder where the donations go. In 2022, The Giving Block shared six charities that benefited from crypto donations, including Orangutan Outreach, which cares for orphaned and displaced orangutans, and Trees for the Future, a regenerative agriculture nonprofit that managed to plant 2.3 million trees from the crypto donations it received.

The Giving Block’s annual report sheds light on the growing trend of using cryptocurrencies for philanthropic purposes. The report’s predictions suggest that crypto donations are here to stay and will continue to grow in popularity over the next decade. With more individuals and organizations embracing cryptocurrency, it is likely that the total amount of crypto donations will exceed $10 billion by November 2032.

Furthermore, the report highlights the most popular cryptocurrencies used in donations, with USDC emerging as the most favored. The report also emphasizes the role of Ethereum co-founder Vitalik Buterin in the crypto philanthropy space, setting an example for others to follow with his $9.4 million donation.

As crypto donations continue to gain traction, it is essential to know where the funds are going. The Giving Block’s report lists several charities that have benefited from crypto donations, demonstrating the potential impact of crypto philanthropy. The report also highlights the positive effects of crypto donations, such as the planting of millions of trees by Trees for the Future, showcasing the ability of crypto donations to make a significant difference in the world.

In conclusion, The Giving Block’s annual report predicts a bright future for crypto philanthropy. With the increasing popularity of cryptocurrencies and more individuals and organizations embracing them, it is likely that crypto donations will continue to grow over the next decade, with the total amount exceeding $10 billion by November 2032. As more charities benefit from crypto donations, the positive impact of crypto philanthropy will continue to grow, helping to create a better world for all.

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Pro-Russia Groups Evaded Sanctions With Over $2M Crypto Donations

by Blockchain News

American blockchain analysis firm, Chainalysis, has released a detailed report on how over $2 million in cryptocurrency donations have been used to fund the Russian-wing of the war in Ukraine

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It was discovered that a handful of pro-Russian groups have been bypassing sanctions placed on Russia by several organizations and utilizing crypto donations for financing terrorism.

 

The war in Ukraine broke out about five months ago and forced the closure of several enterprises in both countries. It caused the disconnection of both Ukraine and Russia from global activities. The crypto ecosystem also did not spare the concerned parties. The manufacturer of hardware wallet Trevor, Satoshi Labs suspended the distribution of its wallet to Ukraine and Russia.

The plan was to force the sitting president of Russia, Vladimir Putin to put an end to the war. Binance, the world’s largest cryptocurrency exchange was also forced to limit its offerings to Russia standing together with the European Union’s sanction on the country. 

Financial service providers, Mastercard and Visa also withdrew their services from Russia, limiting strategies for the nation to fulfill key monetary obligations. Although there were concerns that Russia will still employ the use of crypto to evade all sanctions. With this report by Chainalysis, it appears to be that the suspicions were right all along.

About 54 pro-Russia organizations were discovered to have benefited from the crypto donations made by unidentified entities. Cryptocurrencies worth about $2.2 million were traced down to the pro-Russian militias and volunteer groups. A huge percentage of the crypto was Bitcoin (BTC) worth over $1.45 million, next was Ethereum (ETH) of $590,000. 

Litecoin, a Tron-based USDT stablecoin, Tether, and Dogecoin (DOGE) were the other cryptos that made up the donated funds. Based on Chainalysis research, the Russians make use of cryptocurrency mixers to block the source of the funds. Therefore, the authorities may not be able to nab the perpetrators of this act as there is no clear path directing the crimes to them.

So far, 5 organizations have received over $100,000, 17 others received over $10,000 and the larger part of the involved organizations collected about $1,000 all in cryptocurrencies.

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Campaigners In California Can Now Receive Donations in Cryptocurrency

by Blockchain News

California campaigners may now receive donations through Bitcoin (BTC) and other cryptocurrencies.

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The candidates for both local and state offices in the state can now breathe a sigh of relief as the state’s campaign regulator has lifted a four-year ban on crypto donations and contributions. 

According to the regulation document, there should be plans to receive any such donations through a payment processor. This will be registered with the United States Treasury Department under the Financial Crimes Enforcement Network (FinCEN).

Unanimously, the members of the California Fair Political Practices Commission voted to revoke the ban that had been active for years. Instead, they voted to develop new regulation that will supervise the activities of crypto donations. During the July meeting held by the commission, David Bainbridge the general counsel of the legal division mentioned that this is a new and ever-changing era for the western U.S. state. 

In addition, Bainbridge explained that a need to adjust the regulation may arise soon as development comes to the industry. In the meantime, he believes the current regulation will do justice to the inflow of crypto contributions without violating any law.

Receiving Crypto Donations Via the Payment Processor

The payment processor will be used to conduct know-your-customer (KYC) verification to ascertain the identity of every donor. Functioning optimally, the payment processor must retrieve personal contributors’ data like name, address, employer, and occupation.

The regulation states that “A person may make, and a committee may solicit, a contribution of cryptocurrency as an in-kind contribution if the cryptocurrency is converted to dollars upon the making of the contribution”. 

The contributions are expected to not exceed a limit that had already been stated. Every donation, once converted to U.S. dollars, should be transferred to the beneficiary campaign bank account within 24 hours of the time the contribution was made. The conversion will be done based on the prevailing exchange rate at that time. 

When reporting the crypto contributions, the reported amount will be the fair market value of the cryptocurrency at the time the donation was made to the payment processor.

Eventually, the California commission regulation will take its full course within the next 60 days.

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Al Jalila Foundation Sets the Ball as First Charity Organization in the UAE to Accept Crypto Donations

by Blockchain News

To bridge the gap between physical and digital currency regarding giving, Al Jalila Foundation has become the first healthcare charity in the United Arab Emirates (UAE) to accept crypto donations. 

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With crypto philanthropy becoming an emerging trend among Gen Z and millennial donors, the nonprofit healthcare organization has teamed up with a top cryptocurrency platform to make this a reality. 

 

Abdulkareem Sultan Al Olama, the CEO of Al Jalila Foundation, pointed out:

“As an emerging source of fundraising, providing the opportunity to the growing number of crypto users around the world to donate to Al Jalila Foundation to causes that interest them is a win-win for us as a foundation and the donor community.”

By taking the crypto donation route, the foundation seeks to enhance its capabilities, network, and channels per Dubai’s intention of becoming a leading cryptocurrency hub. Al Olama added:

“As a philanthropic organization, we rely on charitable donations, and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programs.”

Al Jalila Foundation has been spearheading life-changing healthcare programs in different fields like research, education, and medical treatment since 2013.

 

Accounting for 7% of global trading volume, the Middle East has emerged as one of the fastest-growing crypto markets, according to blockchain analytic firm Chainalysis.

 

With crypto transactions worth nearly $25 billion annually, the UAE is the third-leading nation by volume in the region.  

 

Women residing in Abu Dhabi were recently given the opportunity to expand their knowledge base and ultimately explore the Web3 world through free crypto domains, Blockchain.News reported. 

 

This was made a reality after NFT domain name provider Unstoppable Domains joined hands with Access Abu Dhabi and Abu Dhabi Investment Office (ADIO). 

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Ukrainian President Signs Law to Establish Regulatory Framework for Crypto

by Blockchain News

Amidst the ongoing war on its shores, Volodymyr Zelenskyy has signed into law the bill that will legalize digital currencies in the country.

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According to a press release published by the Ministry of Digital Transformation, the new law helps in creating conditions for the launch of a legal market for virtual assets in Ukraine.

The new industry will be regulated by the National Securities and Stock Market Commission, which re-affirms the determination by the government “towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

According to the Ministry’s announcement, the new law helped in determining the legal status, classification, and ownership of virtual assets; determines market regulators which include the National Bank of Ukraine and the National Commission on Securities and Stock Market. Additionally, the law creates conditions for further formation of the legal field in the market of virtual assets; determines the list of providers of virtual assets and conditions of their registration; and in all, provides for the implementation of financial monitoring measures in the field of virtual assets.

While Bitcoin (BTC) and the host of digital assets are not legal tenders in Ukraine, the country’s determination to legalize digital currencies complements the passage of the bill by the Ukrainian parliament on February 17 amidst the ongoing geopolitical tension with Russia at the time. With the tension aggravating into a full-blown war, the digital currency ecosystem has rallied around Ukraine with donations flowing in through BTC, Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Tron (TRX), and even Non-Fungible Tokens (NFTs).

The positive disposition of Ukraine towards digital currencies paid off, and Zelenskyy’s signing of the bill shows the recognition of the hidden potentials digital currencies possess in transforming the payment and investment landscape. From El Salvador to Ukraine, the list of nations legalizing Bitcoin has continued to grow with more fated soon.

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Ukrainian Government Raises over $10M in Digital Currencies from the Public

by Blockchain News

This weekend, the Ukrainian government solicited funds from the public in the wake of the invasion of its territory by Russia as diplomatic ties between both countries went soar.

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The entire public, particularly the crypto-savvy population, has shown solidarity with Ukraine and raised more than $10 million since the call.

The official Twitter account of the government of Ukraine published an Ethereum (ETH) and a Bitcoin (BTC) address to which the donations are meant to be sent. A review of the transactions on each address has shown that the Bitcoin address has received a total of 105.90889317 BTC, worth exactly $4,121,654.28 at the time of writing. The address also showed that a total of 51.38803002 BTC worth about $2 million have also been sent out from the received funds.

The Ethereum address has also received as much as 1,877.942342838664117164 Ethereums, with a valuation currently pegged at $5,198,426.10. Beyond these two addresses, independent well-wishers have also listed some Non-Fungible Tokens (NFTs) on OpenSea with the sole aim of donating the funds to the Ukrainian government. The amount raised from these NFTs has topped $1 million as of the time of writing.

While not featured in the original tweet from the government’s account, a Tron address tweeted by Ukrainian vice prime minister Mikhail Fedorov has also accrued some $700,000 worth of TRX and USDT at the time of writing. 

Despite there being no clear-cut avenue that defines how these funds will be allocated, more people have identified the humanitarian crises the Russia-Ukrainian unrest will cause in the lives of people and these funds will go a long way in providing the right cushion.

The ease at which the Ukrainian government requested the funds follows from the legalization of Bitcoin and other digital currencies. With Ukraine receiving digital currencies with open arms, the country is also bound to reap the dividends thereof.

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Ukraine Military Foundation Allies Solicits Donations in Crypto

by Blockchain News

It is no news that businesses are no longer as usual in Ukraine. The country is currently trying to wade off further attacks from Russia as diplomatic ties between both nations have escalated. In the light of these events, a Non-Governmental Organization (NGO), the “Return Alive” Foundation, with close ties with the Ukrainian military, is now soliciting funds in cryptocurrencies to support the army in these trying times.

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According to a statement issued by the foundation on its website, the body is committed to intensifying its efforts in helping to curb misinformation as people explore different avenues to get closure in the wake of this war.

“The Return Alive Foundation is close to the Ukrainian military. The forefront of the Russian-Ukrainian war is not just the front. It is where the war for Ukraine takes place. In hospitals, warehouses, training grounds, the media, offices. We are repairing equipment, training soldiers and officers, helping to change the Armed Forces, talking about the war firsthand, and curbing the flow of propaganda and disinformation. For the seventh year in a row, the fund provides the Ukrainian army with the most important tactical advantage.” 

The request for funds in cryptocurrencies, particularly Bitcoin (BTC), comes at just the right time when the country’s lawmakers passed a law legalizing digital tokens. With the asset at everyone’s disposal, transactions can now be made without hassles as the movement in and out of Ukraine in attempts to visit the bank is now notably impaired. 

Based on its decentralized nature, BTC and other cryptocurrencies can be transacted seamlessly as Return Alive gathers the funds it needs to help cushion the pains Ukrainians are experiencing at this time. While no one knows the twists and turns the regional tension will introduce in the coming days, Bitcoin is at least here to the rescue.

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Wiki contributors want to drop crypto donations over environmental concerns

by Cointelegraph

Back in 2019, the Wikimedia Foundation started accepting crypto donations through Bitpay, but three years later, the nonprofit organization behind Wikipedia is facing pressure from contributors to disable the option over environmental concerns.

A proposal submitted by Molly White (GorillaWarfare) urges the foundation to stop accepting crypto. According to White, accepting crypto does not align with Wikimedia’s commitments to making active efforts to improve environmental sustainability. 

White suggested that the acceptance of crypto echoes as an “endorsement of the cryptocurrency space” by Wikimedia and its members while noting that there are risks of damaging the organization’s reputation because of its continued acceptance of crypto.

Discussions immediately ensued. Wiki user Gamaliel supported the proposal. “Long overdue. Accepting cryptocurrency makes a joke out of the WMF’s commitment to environmental sustainability,” they wrote.

On the other hand, Wiki user ATDT says that it’s hard to believe that “continuing to accept cryptocurrency donations in 2022 is a particularly meaningful signal.” The user noted that following that train of thought, “accepting USD signals endorsement of the systems of exploitation of labor and despoliation of the natural environment that underlies global capitalism.” 

While there are many who oppose disabling cryptocurrency donations, they are outnumbered at the time of writing. However, the page notes that a decision will not be made based on what the majority wants. Instead, an agreement will be made depending on the merits of the arguments presented. 

Related: Dogecoin creator slams Mozilla for pausing crypto donations

Mozilla’s decision to pause crypto donations was also cited in the discussion. Last week, Mozilla’s co-founder Jamie Zawinski publicly opposed the Mozilla Foundation’s continued acceptance of cryptocurrency donations to support their browser. After seeing a tweet that reminded users that the platform is accepting crypto, Zawinski urged the company to stop its association with “planet-incinerating Ponzi grifters.”