KANALCOIN NEWS – In the midst of its skyrocketing popularity and an increasingly bullish market, the cryptocurrency community is in fact competing to raise funds for charity.
There are at least two major projects that have raised more than $3 million or equivalent to Rp.42 billion for different charitable contributions this month. This underscores the potential of digital assets to help non-profit organizations around the world.
For example, Elongate, a charity owned by Elon Musk, which was a parody of the Watergate scandal, has managed to raise $ 2 million or more than IDR 28 billion for various programs at the Human Relief Foundation and Give India..
The Give India program itself is a COVID-19 relief effort in India in response to the emergence of a new disaster in the form of the second wave of COVID-19 that devastated the country.
Some of Elongate’s biggest contributors are Children International, Action Against Hunger, The Ocean Cleanup, Big Green, Human Relief Foundation, and Give India.
“In just a month, the Elongate ecosystem has evolved to change the face of crypto charity and trading,” said CTO of Elongate, Hasan Aziz, quoted by Kanalcoin.com from Cointelegraph.
Apart from that, Elongate also announced that its token will start trading on BitMart starting Monday (10/5/2021).
Although it started as a meme initially, Elongate has emerged as a major player in the market for crypto-based charities. This project claims to have more than 400 thousand shareholders worldwide.
Meanwhile, Munch, a charity project from DeFi, has raised more than $ 1 million or around IDR 14 billion to help various problems in developing countries through the GiveWell Maximum Impact Fund. Over the years, the GiveWell Maximum Impact Fund has allocated tens of millions of dollars to fight malaria and other diseases in Africa.
The Munch Project can raise funds through an Ether (ETH) transaction fee on every buy and sell order made on its platform. The 10 percent transaction fee is distributed equally among token holders and charities.
The cryptocurrency community is developing ways to distribute its wealth for good causes.
As Cointelegraph recently reported, The Giving Block has launched a new charity drive to encourage community members to donate at least 1 percent of their crypto holdings to charity annually. Several well-known crypto industry veterans have joined the initiative.