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Leading charities in the United States are increasingly embracing crypto contributions amid the growing adoption of digital assets.
According to a recent report from BanklessTimes, two-thirds of the top U.S. charities have started accepting crypto contributions in 2024, resulting in over $2 billion in donations.
Per the report, 56% of the leading American non-profit organizations now enable crypto wallets and accept cryptocurrency donations.
US Charities Tap The Giving Block for Crypto Funding
Notably, 67.8% of charities that accept crypto donations utilize The Giving Block as their platform for crypto funding.
Since its inception, The Giving Block has facilitated over $2 billion in crypto contributions, highlighting the increasing comfort of individuals in donating cryptocurrencies.
Prominent organizations such as Save the Children, World Vision International, Water Aid U.S., and the American Red Cross have joined the ranks of charities accepting crypto donations.
USDC was the most-donated cryptocurrency In 2023, for a second year in a row.
ETH donations came in second this year, with BTC donations just behind in third place.
Honorable mentions: USDT, GALA, SOL and many more. pic.twitter.com/XcDrFEMBBo
— The Giving Block (@TheGivingBlock) February 29, 2024
By tapping into the crypto space, these entities are not only attracting a new base of donors but also expanding their fundraising capabilities by diversifying their revenue sources.
“As the value of various digital assets skyrocketed in recent years, a new wave of crypto-affluent individuals emerged, eager to leverage their newfound wealth for charitable purposes,” Jonathan Merry, CEO of BanklessTimes, commented.
Accepting and donating cryptocurrencies presents several advantages and opportunities for both donors and charities.
For charities, crypto transactions offer lower fees and quicker processing times compared to traditional financial systems.
This convenience extends to donors, who can contribute to causes from the comfort of their own homes.
However, there are challenges associated with crypto donations.
Navigating regulatory compliance, including know-your-client and anti-money laundering regulations, can be complex, especially across different jurisdictions.
Charities must also remain vigilant against cyber threats, as exposure to cybercriminals could lead to significant financial losses.
Crypto Use in Politics Increases
Aside from its growing use in philanthropy, cryptocurrencies are also used to influence politics.
A well-funded political action committee (PAC) backed by prominent figures in the cryptocurrency industry has set its sights on key Senate races,with the goal of potentially shifting the balance of power in Congress.
The PAC, called Fairshake, recently spent over $10 million successfully opposing a Democratic U.S. Senate candidate in California.
The negative publicity led to Porter ending up in third place behind Rep. Adam B. Schiff and Republican Steve Garvey in the primary results.
Leveraging substantial funding from the crypto industry, Fairshake aims to ensure that candidates elected in November will advocate for the establishment and adoption of much-needed regulations for the cryptocurrency industry.
As reported, approximately 73% of US voters believethat US presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency.
Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrenciesare expected to have a significant impact on the 2024 elections.