Numerous other global charities are taking the Cryptocurrency route to reach new audiences to raise funds. As per Cryptocurrency expert Crypto Competitions, “by tapping into crypto, charities have been able to breakthrough and leverage a young generation of supporters that exist beyond their usual donor base and philanthropists.”
Cryptocurrency came to the rescue of non-profits during the COVID-19 pandemic. “When local events were put to a screeching halt due to global lockdowns, cryptocurrencies became new vehicles of fundraising for charities across the globe,” explains Crypto Competitions. As charities adapt to the new normal, their evolved trust in cryptocurrencies has helped them consider crypto fundraisers as a dependable source of revenue generation.
Crypto Competitions shares that crypto projects have clear segregation of how they will use the funds. Most of cryptocurrencies are giving back to the community by supporting charities. Giving an average of 2% of each sale proceeds to a charity has become a norm for crypto projects supporting a cause and working with non-profits or other charitable organizations.
Another huge plus of raising funds via crypto is that blockchain technology makes it easy for charities as well as donors to monitor where funds are utilized. The added layers of transparency crypto offer enable charities to attract more Gen Xers and millennials.
By opening the doors for cryptocurrency, charities have seen some of the biggest donations ever in the past year.