Crypto charity donations surged 6 fold over last year: Reports

According to reports, Crypto Charity based donations are increasing rapidly. And the surge in donations has increased by around 600% over last year. 

Recent records show that not only is crypto adoption surging but also the volume of the donors in this crypto industry is also surging parallelly. This latest report is a clear witness to an increment in crypto charity donations. 

Crypto Giving Tuesday is a campaign. This campaign was started by The Giving Block. The Giving Block is a crypto donation and fundraising Platform, which helps NGOs and needy individuals to raise funds.

The Crypto Giving Tuesday campaign found that the donation that they are getting in crypto is surging rapidly. Over the last year, they received around 583% more donation funds. 

Crypto Giving Tuesday also noted that per average donation in crypto surged by around 20%, which is $12,600. This managed around $2.4 million in total. 

It is worth noting that donations in Ethereum are at the top than in Bitcoin. Right now the total Ethereum donation funds are at the top position, while Bitcoin is at the second position. The charity received around $1.2 million more worth of Ethereum over $885 million worth of Bitcoin donations. 

NGOs aimed to receive around 10 times more donations over 2020 but no doubt that 6 fold donations are still enough because of the critical situation in the world because of the COVID 19 pandemic wave. 

Pat Duffy, the co-founder of The Giving Block, thanked the donors and explained how much they are pleased. Pat added:

“That day has inspired hundreds of conversations with high-net-worth donors, companies, and projects that want to make gifts…()…I think people who are often young and idealistic are being given transformative capital for the first time.” 

Fidelity Charitable also conducted research on crypto donations and found that 45% of the crypto owners donated around $1,000 or more in 2020. 

Research also noted that the majority of crypto donors are not aware of the tax-saving methods to donate crypto. 

Read also: Indian police commissioner warns crypto investors