FTX Future Fund Shut Down Following Exchange’s Collapse

In November 2022, FTX exchange and its subsidiaries collapsed, leading to the shutdown of its philanthropic arm, FTX Future Fund. The fund was sponsored by former CEO Sam Bankman-Fried and had pledged $1 billion in donations towards research academics across prestigious universities. The grants were focused on research projects for the safe development of artificial intelligence, reducing catastrophic bio-risk, improving institutions, economic growth, great power relations, and effective altruism.

However, following FTX’s bankruptcy filing, the team behind the FTX Future Fund resigned, leaving many scholars and researchers who were early recipients of the grant in limbo over the payment of further grants for their programs. According to a Reuters report, many students studying on the FTX grant were forced to drop out of their courses due to the fear of repayment.

Twenty academics from prestigious colleges, including Cornell, Princeton, and Brown universities in the United States, as well as Cambridge in Britain, received grants from the FTX philanthropy arm, totaling more than $100,000 each. Based on these announcements, further calculations suggest university-affiliated research initiatives received a total of more than $13 million.

Many of these academics who received the first grant have now found themselves in a tricky situation, with the next due date for fee submission already passed. As a result, many students were forced to drop out of the program after the first year. Others who did receive a full grant have found themselves in an ethical battle over whether to use the grant or return the funds, which might be part of stolen customers’ funds, as per the lawsuit against the crypto exchange and its founders.

While FTX asked recipients of payments from the debtors in the FTX bankruptcy filing to return their funds in an announcement, it didn’t mention the FTX Future Fund. However, a U.S.-based lawyer suggested that it will depend on the FTX trustees and their willingness to claw back small amounts, including philanthropic ones.

The collapse of FTX exchange has caused significant harm to its philanthropic arm, FTX Future Fund, and its beneficiaries. The shutdown of the fund has left many scholars and researchers stranded without the support they were promised, forcing some to drop out of their programs. The ethical implications of using or returning the funds have also caused concern among grant recipients, with some unsure of what to do next. It remains to be seen whether the FTX trustees will take action to claw back the philanthropic funds or whether the affected researchers and scholars will receive the support they were promised.


Tagged : / / / / /

Crypto Donations to Exceed $10 Billion in a Decade

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.


Tagged : / / / / /

Philcoin Partners with Indacoin to Enhance Blockchain-Powered Charity

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

Image source: Shutterstock


Tagged : / / / / / / / /

Philcoin Rolls Out Staking Program for Donating Charity

To change the way of charity, Philcoin has established a staking mechanism that will enable users to donate part of their earnings to a charity of their choice within PHILApp. 

The philanthropic blockchain movement intends to create wealth for all through the staking feature by contributing to society.

Per the announcement:

“Staking has never been more rewarding – until now. Philcoin’s mission to change the way giving happens starts with you. You have the power to take back your financial sovereignty while empowering others to do the same.”

The staking mechanism is expected to help Philcoin create a global philanthropic movement by changing how giving happens. 

Since staking enables users to earn a fixed interest upon storing some tokens for a certain period, the new feature on PHILApp will offer an annual percentage rate (APR) of 15%.

The report noted:

“Here’s where it gets interesting – and what makes Philcoin’s staking the first of its kind in the world! You keep 50% of this APR and get to donate the remaining 50% to a charity of your choice within PHILApp. It’s a staking mechanism that rewards Philcoin’s entire global community.”

The APR is founded on the number of tokens and not the USD value of the tokens. Therefore, Philcoin plans to take staking a notch higher by incorporating the giving aspect. 

Meanwhile, the connection between crypto and charity continues to grow strong as cryptocurrencies are deemed ideal donation tools. 

For instance, Al Jalila Foundation became the first healthcare charity in the United Arab Emirates (UAE) to accept crypto donations to bridge the gap between physical and digital currency pertaining to giving. 

Therefore, staking seeks to be the new avenue of bringing wealth to greater communities, not just individuals, through giving. 

Image source: Shutterstock


Tagged : / / / / / / /

Mazer Gaming Gives Back Tournament Returns To Propel Bitcoin Adoption

This is a promoted article provided by Mazer Gaming.

Mazer Gaming, an esports and entertainment organization, has just announced the second edition of its popular Mazer Gaming Gives Back tournament series. Last May, Mazer Gaming hosted their first crypto-infused charity tournament, partnering with The Giving Block to raise money for Us4Warriors in crypto donations. This event was held on “Super Smash Bros.,” a popular fighting game made by Nintendo. It was a huge success, totaling over 500 top-tier players signing up, 50,000 total viewers and thousands of dollars raised. 

On February 21, 2021, Mazer will be partnering with a plethora of crypto companies to host Mazer Gaming Gives Back 2. The goal of this event is to push Bitcoin adoption throughout the stream, run giveaways and raise donations for Gamers Outreach. Gamers Outreach is a nonprofit organization that helps provide equipment, technology and software to help kids cope with treatment inside of hospitals. All crypto donations to support it can be made here. 

Zebedee, BTC Manager and Jet Fuel Finance will be the main sponsors of Mazer Gaming Gives Back 2. They will help support a $1,000 prize pool for hundreds of “Smash” players to compete for on February 21. A variety of giveaways will be provided from Grinding Coffee Co., Start9 Labs and SHamory throughout the event for viewers to win some awesome Bitcoin-related prizes! Start9 Labs will also be donating its Embassy device to the winner of the tournament. Mazer will also be partnering with PinkCoin, Gather Network, BTC Media (note: BTC Media is the operator of Bitcoin Magazine) and Duo Studios to help put together and push out the event. The event will be live streamed over on the Mazer Gaming Twitch channel. It will have a full production studio on board for this event, with many different commentators and guests throughout the day. This will feature Zebedee’s Christian Moss to talk about Bitcoin-infused gaming, alongside Jack Everitt from THNDR Games. The stream will start at 3:00 p.m. EST, and run for hours until a champion is crowned at Mazer Gaming Gives Back 2!

See Also

Hal Finney battled ALS until his death on August 28, 2009. Six years later, we’re working with the Bitcoin community to continue that fight.

Mazer Gaming is one of the few esports organizations actively involved in the crypto and blockchain space. It has a huge list of sponsors and partners to support its growing efforts in the industry. What makes this event so great is how willing it is to incorporate crypto into its esports events, which generate tens of thousands of viewers. It is a huge believer in Bitcoin and crypto and will continue to incorporate it through donations, payments and NFTs. Mazer Gaming is making all of the right moves to push adoption and education through its industry and we looks forward to seeing it make waves in the crypto and gaming space in the future.

For more details on the tournament, please see its announcement tweet.

You can find Mazer Gaming at its homepage, on Twitter and on Twitch. 


Tagged : / / / / /

Why Your Nonprofit Should Be Thinking About Bitcoin

“As a rule, nonprofits are more money-conscious than business enterprises are,” wrote the great management author Peter Drucker. 

Nonprofits could always use more money than they have available, and it is quite hard to raise money. While money is on everyone’s mind within nonprofits, the risks of holding larger amounts of money in cash or other “safe” assets like bonds are often not. If you are a board member, a CFO or a CEO of a nonprofit, you owe it to your mission to study Bitcoin. It is a promising technology that provides a hedge against the uncertain economic environment we find ourselves in these days. 

Let me share with you three reasons why your nonprofit should be seriously considering utilizing Bitcoin.

1. Larger Holes Are Appearing In Your Valuable Safety Net

Nonprofits are prudent to have savings. Most nonprofit have between three months and up to one year of savings set aside. Depending on your size, these savings are easily in the millions of dollars. 

Those savings move into bonds and other supposedly safe assets that can be changed into cash if need be. Undoubtedly, one needs to be prudent with donors’ money, but one also needs to understand that holding vast amounts of cash and bonds is a considerable risk in this day and age. It used to be a safe bet. But it has become the opposite, with around 27 percent of the world’s investment-grade debt yielding negative interest. 

This is the result of the unprecedented monetary expansion in the United States and around the world. In response to COVID-19, the Federal Reserve has created an unprecedented 20 percent of all existing dollars in a single year.

Private and public debt is exploding and inflation is picking up, and it will continue to rise in many sectors (especially in certain assets like stocks and real estate). In contrast, other sectors will experience deflation since the economy is nowhere close to its pre-COVID-19 levels. This dynamic will create inequality and many economic losers. 

Don’t let your nonprofit be one of those losers by holding melting assets like cash or bonds. Hedge your bets and own some bitcoin. Learn from businesses like MicroStrategy or Square, which have invested $1.125 billion and $50 million into bitcoin, respectively, as part of their strategies to preserve capital. 

2. Don’t Miss Out on Over 100 Million Potential Donors 

For the first since the inception of cryptocurrencies, their market cap has reached $1 trillion. The vast majority of that is represented by bitcoin. According to a Cambridge University study from last year, the estimated user base for cryptocurrencies — of which bitcoin is the largest — is around 101 million. 

This number is growing by the day, and explosively so. There is no reason why your nonprofit should not open its accounts to receiving bitcoin or other crypto donations. Even if a nonprofit does not want to hold bitcoin as a reserve asset, it should take donations in cryptocurrencies, which you can exchange for fiat money (government-issued money) instantaneously. Services like the Giving Block are fantastic vehicles that make onboarding easy. Coinbase and other exchanges also make it possible to receive crypto donations. 

3. Save Money On International Wire Transfers And Pay Your Staff Abroad Efficiently

We pay around eight of our staffers with bitcoin and have dozens more receive reimbursements in bitcoin. 

See Also

Hal Finney battled ALS until his death on August 28, 2009. Six years later, we’re working with the Bitcoin community to continue that fight.

In 2021, the legacy banking system still charges outrageous fees for merely updating some digital numbers in an account. One can circumvent this with bitcoin. Bitcoin’s fees are a fraction of the typical international transaction fees. If you hold bitcoin yourself, you can even set your own fees in light of the transaction’s speed. While fees are likely to increase due to the growth of the transaction volume on the Bitcoin network, innovations like the Lightning Network overcome this problem. 

Nonprofit CFOs ought to study Bitcoin and its capabilities to save valuable organizational resources. Nonprofits don’t have to deal with bitcoin’s volatility, since one can buy bitcoin on the spot and send it immediately to your staffers or volunteers. Once received, the person can do what they want with those payments, like transferring them to local currencies or holding bitcoin as part of their retirement plans. 

After 13 years, Bitcoin is here to stay, and it is a powerful tool that millions of users leverage due to its superior characteristics compared to gold or ever-inflating government money. 

Nonprofits leaders think about money a fair amount, but they don’t think about the risks that government paper money brings. Bitcoin offers a safe haven and opportunity for non-profits to become less concerned about capital depletion through monetary expansion and an increasingly volatile macroeconomic environment. Institutions and businesses are waking up to bitcoin and investing heavily. It would be a missed opportunity if the philanthropic sector does not jump on this and invest in a safe store of value and the future of money.

This is a guest post by Wolf von Laer. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.


Tagged : / / / / /
Bitcoin (BTC) $ 27,417.35 0.63%
Ethereum (ETH) $ 1,642.51 1.41%
Litecoin (LTC) $ 64.43 3.15%
Bitcoin Cash (BCH) $ 229.33 5.07%