However, most donations still flow through traditional channels like credit cards, checks, and bank transfers. As digital assets continue permeating finance, cryptocurrency donations are emerging as a modern way charities worldwide are funding important causes.
Recent efforts from groups like Save the Children show the expanding role crypto now plays. Their crypto fundraising initiatives unlocked over $3.8 million in Ethereum donations supplemented by Bitcoin and altcoins. Let’s analyze the donation split driving this growth while also exploring updated perspectives non-profits have on blockchain-powered money.
Save the Children Sees Flood of Crypto Contributions
Save the Children is an international nongovernmental organization focused on improving child welfare worldwide through on-the-ground programs. When they looked to crowdfund $10 million towards new education initiatives, cryptocurrency shot to the forefront.
“We’re thrilled to unlock new channels of philanthropy by empowering donors to use cryptocurrency for funding children’s needs across the globe.”Inger Ashing, CEO of Save the Children
Launched in late 2022, their crypto donation page saw immediate support from the web3 community:
- $7.73 million total raised so far
- ETH accounts for 50% of donations
- Almost $4 million coming via Ethereum
- 34% attributed to Bitcoin donations
- Just under $3 million coming via BTC
- 10% from stablecoins like USD Coin
- 1% donated in USDT, BCH, XTZ
Beyond direct contributions, the initiative activated partnerships with crypto-centric communities like PleasrDAO and Own the Doge. Their combined gifts exceeded $1 million worth of ETH alone.
While complete donor transparency doesn’t exist since contributions can remain anonymous, the public leaderboard showcases widespread alignment across blockchain networks.
Support flowed in through not just blue chips like BTC and ETH but also alternative crypto assets with Bitcoin Cash, Litecoin, Tezos and others getting tapped for donations, this highlights broad crypto holder desire to pay it forward no matter the coin.
Singapore Red Cross Spotlights Global Crypto Potential
The open nature of cryptocurrency transcends borders. Anyone around the world with an internet connection can possess and transmit value digitally. Charities are waking up to the possibilities this unlocks for more easily collecting international aid.
Take the Singapore Red Cross - one of the most established humanitarian groups in Southeast Asia. In January 2023 they took the landmark step to directly integrate Bitcoin, Ethereum, Tether and USD Coin into their monetary mix alongside fiat currencies.
“By embracing digital currencies, we are extending our reach to a new group of donors who are technologically inclined and eager to make a positive impact through their crypto holdings.”Benjamin William, CEO of Singapore Red Cross
Rather than requiring conversions before deploying funds abroad, blockchain-based assets can flow instantly with minimal friction into active response initiatives.
William said this "seamless transfer of funds across borders using cryptocurrency enables wider participation for global causes.”
And with younger generations holding a growing share of wealth in crypto, updating policies to welcome coins and tokens makes sense for future-proofing donation revenue streams.
Crypto Philanthropy Poised for More Adoption
Bitcoin has been occasionally used for charity donations since at least 2013. But broad-based adoption was hindered by questions around cryptocurrencies from various institutions and governments.
2022's extensive crypto market meltdown also led to skepticism around the space.
However, resilient fundamentals with users and developers continuing to engage around decentralized networks are turning the tide. And the transparency and efficiency benefits for fund allocation are coming into clearer focus.
The GiveTrack giving profile platform highlights data showing how cryptocurrency creates responsibility:
“Public blockchains allow charities to show donors exactly how their funds are spent. This level of transparency provides accountability and can give donors peace of mind.”
So while coins won't overhaul existing payment rails overnight, education and integrations lowering barriers inch the model forward.
Initiatives like Save the Children's record breaking crypto campaign reinforce the role it can play for enabling more dynamic donation opportunities over time.