Tag: Donation

Philcoin Partners with Indacoin to Enhance Blockchain-Powered Charity

by Blockchain News

To enhance confidence and accountability in the charitable space, philanthropic blockchain ecosystem Philcoin has inked a deal with Indacoin, a British fiat-to-crypto conversion gateway.

Jerry Lopez, Philcoin’s CEO and founder, noted that the partnership would be a stepping stone toward changing how giving happens by providing credit and debit cardholders with the chance to instantly purchase its native token, PHL, in at least 180 countries.

Lopez stated:

“We have a user base of over 250,000 people across the world through our app and we expect this number to soar with our new partnership. Imagine how much potential that holds when millions of people can use Philcoin, and its donate-and-earn products, to empower themselves while empowering others.”

The agreement also prompted a seamless integration within Philcoin’s decentralized application called PHILApp, which presents a host of products and features with a donate-and-earn element meant to teach users how to give. 

Through its blockchain-based ecosystem, Philcoin seeks to instil confidence in the charity sector by boosting accountability and giving the world’s population living in disadvantaged areas have adequate internet access. 

The philanthropic blockchain movement ascertained that digital giving and global impact prompted reciprocal abundance. 

Per the report: 

“Philcoin aims to create the largest global movement of philanthropists. Indacoin’s reach and exposure will help spread the word about Philcoin which, in turn, will help to inspire millions of people to give back.”

Earlier this year, Philcoin established a staking mechanism that would enable users to donate part of their earnings to a charity of their choice within PHILApp. 

The staking mechanism was expected to help Philcoin create a global philanthropic movement by changing how giving happens, Blockchain.News reported. 

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World Vision Accepts Donations in Crypto in South Korea

by Blockchain News

World Vision has become the first NGO to accept virtual assets in South Korea as it announced that donation in cryptocurrencies has been enabled.

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Per the official website of the NGO, the charitable institution has parented with the Giving Block, accepting over 70 kinds of cryptos for its donation, including Bitcoin, Ethereum and other ERC-20-based tokens.

All the transferred donations would be used for a unique charity project, helping underprivileged children globally.

Local media outlets reported earlier that the partnership enables the NGO to become the first charity institution to receive virtual assets as a donation.

To appreciate the kindness of donation, World Vision would issue sponsorship certificates in non-fungible tokens (NFTs) in return. Donors would also have opportunities to win an exclusive NFT that the charity has minted in association with the South Korean footballing superstar Son Heung-min. Per the report, these NFTs will be minted on the Ethereum blockchain network.

“We have prepared a digital asset sponsorship site to ensure transparency and reliability in the execution of donations. We will take the lead in expanding the blockchain-based donation culture to help more vulnerable children,” said Cho Myung-hwan, Chairman of World Vision.

Taxpayers could be charged in terms of capital gain. The official website reads, “the IRS (Internal Revenue Service of the US) classifies cryptocurrencies as property, so crypto donations to 501(c)(3) charities receive the same tax treatment as stocks. Donating cryptocurrency is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it from your taxes.”

Previously, South Korea’s parliament postponed the proposal of imposing a 20% crypto tax for capital gain until 2025.

South Korea aims to develop crypto and Web3.0 ecosystem

The peninsula country is regarded as one of the crypto-friendly countries in Asia; crypto trading and custody have already been legalized in the country. 

Several flagship companies intended to establish a crypto-related exchange in the country. Samsung Securities, Mirae Asset Securities, and five other giant brokerage companies have applied for preliminary approval to operate an exchange within the first half of 2023.

President Yoon proposes developing the Digital Asset Basic Act (DABA), which he plans to introduce to lawmakers in 2023, aiming to provide a comprehensive regulation for the industry before introducing taxation.

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Ukraine Ranks Second of Crypto Adopters following Legalization: Report

by Blockchain News

Eastern European nation Ukraine has been ranked as the second nation with the overall adoption of digital currencies, following only the United States in a recent survey report released by Merchant Machine. 

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The report was designed by taking cognizance of such parameters as the total number of crypto owners in the country and the global decentralized finance adoption index. The other parameters include the number of businesses that accept crypto payment, the total number of Automated Teller Machine (ATM), and the monthly search volumes of cryptocurrency terms.

With these parameters, the US ranked number one with an overall crypto score of 7.75; Ukraine’s score was 5.96, while the United Kingdom came in at 5.79. India, Thailand, Russia, France, Netherlands, Vietnam, and Colombia are the top ten countries profiled by the Merchant Machine survey.

It did not come as much of a surprise that Ukraine was ranked top 2. The country has shown a very positive disposition to the digital currency ecosystem with the legalization of cryptocurrencies earlier in the year. Following the invasion of its shores by the Russian army, the country solicited support from the digital currency ecosystem, and there was a massive turn up for the country.

From cryptocurrency exchanges like Binance to protocols like Solana, Polkadot, and Tron, the number of donors to humanitarian aid in Ukraine skyrocketed. The support was massive, and Non-Fungible Tokens (NFTs) were donated to the Ukrainian government. The funds accrued through crypto donations were worth more than $100 million.  

With Bitcoin and crypto transactions being legal in Ukraine, digital currency exchanges and businesses accepting crypto as payment began to rise. These factors collectively contributed to the high ranking of Ukraine as one of the most notable powerhouses for digital currencies. 

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Ukraine Opens Channel for Dogecoin Donations Towards Relief Efforts

by Blockchain News

As the Russia-Ukraine war rages on, Ukraine has increased the number of digital currencies it now accepts from donors, particularly those in the cryptocurrency ecosystem.

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In a tweet shared on Wednesday by Mykhailo Fedorov, the vice prime minister of Ukraine, holders of Dogecoin (DOGE) can now send donations to the memecoin’s address he shared via the tweet.

As Ukraine continues to fight to liberate itself from the Russian invasion which began on February 26, a number of well-wishers have donated a cumulative of over $35 million. However, the new allowance being given with the announcement of Dogecoin will go a long way in bringing more donors to support the almost war-torn country.

“@dogecoin exceeded Russian ruble in value. We start to accept donations in meme coin. Now even meme can support our army and save lives from Russian invaders,” Mykhailo said in the tweet, tagging Elon Musk and Billy Markus, the founder of Dogecoin in a bid to help the tweet gain publicity.

Beyond Dogecoin, a lot of blockchain protocols have also been making contributions to the relief efforts in Ukraine as well as in the support of the army. For instance, Gavin Wood, the founder of the Polkadot blockchain donated the sum of $5 million to the Ukrainian government in DOT tokens, a move that has earned accolades from Mykhailo.

“Crypto community continue to support Ukraine. I am grateful to @gavofyork, who made an impressive donation of $5M from @Polkadot $DOT. This will certainly contribute to the Ukrainian victory as well as support civil people. We will win — the best people with us,” Mykhailo said in an earlier tweet.

Protocols like Binance, Solana, and Uniswap have also established an avenue through which donors can convert tokens native to these ecosystems in support of the Ukrainian government and the people.

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Crypto Exchange Coinsmart Announces Donations for Ukrainian Humanitarian Crisis

by Blockchain News

Canada-based cryptocurrency exchange CoinSmart said it would donate aid for the emergency humanitarian crisis in Ukraine to help Ukrainian refugees.

Justin Hartzman, CEO of CoinSmart, said that to show support for the people of Ukraine and to assist the international community in alleviating their immense suffering, CoinSmart has donated to official relief efforts and added that:

“Incredibly, $19 million in crypto has been raised so far and we implore our customers and the wider crypto community to come together in supporting the appeal and help in whatever way they can.”

CoinSmart also lists the official donation crypto wallet addresses for Bitcoin and Ethereum as well as the stablecoin Tether USDT as follows,

Bitcoin (BTC) – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P

Ethereum (ETH) and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14

CoinSmart is also one of six crypto-asset trading platforms registered as a securities dealer and market by the Ontario Securities Commission. The Ontario Securities Commission listed six crypto platforms that had registered with the OSC last year, including Weathsimple, Coinberry, Netcoins, Coinsmart, Fidelity, and Bitbuy.

As reported by Blockchain.News on Feb 28, The entire public, particularly the crypto-savvy population, has shown solidarity with Ukraine and raised more than $10 million since the call.

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Over $5M Bitcoin Worth Transferred towards Aiding Ukrainian Army Amid Russian Invasion

by Blockchain News

At least $5 million in Bitcoin (BTC) has been donated to boost the Ukrainian Army since Russia attacked the nation on February 24, according to blockchain analytics firm Elliptic.

A cryptocurrency wallet belonging to Come Back Alive, a Kyiv-based volunteer group, had received 130 BTC from at least 2,200 donations. The funds are being channelled towards supporting Ukraine with military gear, medical supplies, and drones. 

Tom Robinson, the chief scientist at Elliptic, noted:

“Cryptocurrency is increasingly being used to crowdfund war, with the tacit approval of governments.” 

Russia went on the offensive and invaded Ukraine on February 24 using naval, air, and land forces. Airstrikes have hit various cities and military bases, and the effects have been catastrophic; at least 198 Ukrainians have lost their lives. 

Over the past decade, volunteer groups have been at the forefront of aiding Ukraine’s conflicts, as witnessed in the ouster of pro-Russia President Viktor Yanukovych in 2014. These groups receive millions of dollars from private donors through payment apps and bank wires. Nevertheless, Bitcoin is emerging as a crucial alternative funding method. 

On February 17, the Ukrainian parliament legalized Bitcoin and cryptocurrencies by unanimously passing the Virtual Assets Law as tension with Russia reached a fever pitch.

Mykhailo Fedorov, the Ukrainian deputy prime minister, viewed the law as a stepping stone towards more crypto investments and stated:

“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets.”

Therefore, the Bitcoin donations received by the Come Back Alive group are backed by the law. 

The price of Tether (USDT) has also been soaring on Ukraine’s Kuna exchange based on the ongoing Russian invasion. 

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Canadian Rehabilitation Foundation to Accept Crypto Charitable Donations

by Blockchain News

The Glenrose Rehabilitation Hospital Foundation (GRHF), a healthcare entity based in Edmonton, Alberta, Canada, is considering adding cryptocurrency to its donation path.

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This move will make the foundation become the first healthcare facility in Alberta to welcome cryptocurrency donations.

GRHF will cooperate with The Giving Block to realize this cryptocurrency donation and integrate the corresponding technology to make the way for donors to donate cryptocurrency more secure and reliable.

The Giving Block is a top-tier crypto donation solution, which provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptos.

Mark Korthuis, President and CEO of GRHF said:

“By accepting cryptocurrency donations, we’re going to open new pathways to fund innovative health technologies that will make a real difference for patients recovering from injury or living with chronic conditions.”

Mark Korthuis also added that the current global pandemic has caused serious side effects to charities, adding cryptocurrency options will help charities to increase their revenue streams and thus strengthen their competitiveness.

Koleya Karringten, executive director of the Canadian Blockchain Alliance, added that Bitcoin is becoming an important source of funding for charities.

As reported by Blockchain.News on February 02, Alberta, Canada’s most oil-rich province, is seeing growth in the crypto industry to diversify its economy.

Alberta is actively looking to build the province’s tech industry, including mining digital tokens, building data centres, and attracting high-tech workforces.

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Ukrainian Volunteer Groups Receive Bitcoin Donations amid Tension with Russia

by Blockchain News

The tension between Ukraine and Russia is getting intensified. To support the Ukrainian army with drones, medical supplies, and military gear, volunteer groups and NGOs are receiving Bitcoin donations, given that Russia has marshalled at least 100,000 troops to the border. 

London-based blockchain analysis provider Elliptic report shows that these groups have received crypto donations worth hundreds of thousands of dollars to crowdfund war as tension with Russia escalates. 

Part of the funds is being transferred towards creating a facial recognition application meant to identify a Russian spy or mercenary. 

Despite Russia denying any plans to mount an attack, global powers are leaving no stone unturned as they seek to avert an all-out war between the two nations. 

Over the past decade, volunteer groups have been at the forefront of aiding Ukraine’s conflicts, as witnessed in the ouster of pro-Russia President Viktor Yanukovych in 2014. These groups receive millions of dollars from private donors through payment apps and bank wires. Nevertheless, Bitcoin is emerging as a crucial alternative funding method. 

Per the report:

“Elliptic has identified several cryptocurrency wallets used by these volunteer groups and NGOs, which have collectively received funds totalling just over $570,000 – much of it over the past year. Here we examine some of these groups.”

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Source: Elliptic

On the other hand, Bitcoin donations have helped in noble causes, as recently witnessed in Tonga following a devastating volcanic eruption. 

A BTC wallet set up by Lord Fusitu’a, a crypto advocate and Tongan politician, had received at least $40,000 just three days after going live meant to help in relief efforts. 

Meanwhile, a group of Canadian truckers have switched their crowdfunding efforts to Bitcoin as their GoFundMe platform was shut down. Through the “Freedom Convoy 2022,” truckers protest vaccination measures. 

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U.S Figure Skating to Accept Crypto Donations

by Blockchain News

The U.S. Figure Skating, one of the national governing sports bodies in the U.S., has announced to accept crypto donations from the public, riding on the technical provisions from Engiven, a cryptocurrency donation management platform providing an end-to-end giving solution benefiting nonprofits and their donors.

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The U.S. Figure Skating plans to use the proceeds from the donations to bring the families of its representatives together as the coronavirus pandemic has hindered many visitors from travelling to the Beijing Olympics to cheer their athletes. 

According to the announcement, the “Donations to the Destination Beijing program will help bring these family and friends together and — through the magic of NBC — give them the opportunity for direct, live communication with their athlete after competitions,” adding that “Together, they will share their stories, hopes and pride during this unique time to cheer on their athletes as they compete on the world’s greatest stage.”

The donations for the U.S. Figure Skating’s slew of programs or projects are not poised to be dominated in one cryptocurrency, rather it will be received in multiple cryptocurrencies. The funds will be converted immediately to the United States Dollar and forwarded to the U.S. Figure Skating.

“We continue to look for new and innovative ways to provide funding to the U.S. Figure Skating athletes, clubs, programs, and initiatives,” Executive Director Ramsey Baker said. “Allowing our supporters to give to U.S. Figure Skating using cryptocurrency makes sense in today’s quickly changing financial marketplace. The more avenues available for current and new donors to support the organization, the more we will be able to directly support our athletes and the many programs that service our members.”

Cryptocurrency donations are becoming increasingly popular as many nonprofit organizations seek to tap into the growing hype around cryptocurrencies to attract donations from the closed ring of individuals that have now embraced cryptocurrencies.

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University accepts Bitcoin donations to fund crypto-related activities

by Cointelegraph

Back in October 2021, The Campanile Foundation (TCF), an auxiliary of the San Diego State University (SDSU), accepted its first crypto donation. Now, the university announced that it is welcoming digital currency donations in Bitcoin (BTC) and Ether (ETH).

TCF Chief Financial Officer David Fuhriman said one percent of the total crypto holdings would be withdrawn quarterly to fund campus activities that aim to discover how the university could interact with crypto, such as working on a system that permits broader digital transactions within the university. 

Meanwhile, the rest of the funds will be converted into BTC and will not be liquidated immediately, with hopes that the price will go up in the future and help more programs. 

While the crypto market is volatile and holding the assets could lead to a potential loss, the university remains bullish. “If the value of bitcoin goes up, then this endowment could last forever,” Fuhriman said. The CFO underscored that they believe that holding could provide good long-term benefits for the SDSU.

The SDSU’s entry into the crypto space aims to attract other potential donors who are interested in supporting crypto-related programs in the university. Fuhriman also mentioned that it could also draw the attention of younger donors who might have unconventional perspectives when it comes to wealth creation.

Related: Green and gold: The crypto projects saving the planet

While the SDSU is adamant about accepting crypto donations, organizations like Wikimedia and Mozilla are under fire because of it. A rising number of Wikimedia contributors are urging the nonprofit to stop accepting donations in cryptocurrency because of crypto’s negative impact on the environment. According to the proposal, the acceptance of crypto violates Wikimedia’s commitment to sustainability.

Mozilla faced a similar issue. After tweeting a reminder that the platform is accepting crypto donations, the organization faced backlash from its followers led by Mozilla’s co-founder Jamie Zawinski who thinks that the entire crypto industry only manufactures pollution and converts it into cash.