Crypto contributes to the unencumbered global reach of donations
Crypto contributes to the unencumbered global reach of donations as it is fast. For instance, recently cryptocurrencies facilitated in carrying efficient relief efforts in the disaster-stricken parts of Turkey and Syria.
In February, a catastrophic earthquake hit some parts of Turkey as well as Syria. Several people contributed by donating in different ways to help the victims. However, crypto has a significant role in those donations. According to a blockchain analytics firm, Chainanalysis people made $5.9 million worth of crypto donations to support the relief operations.
There are major NGOs or humanitarian activists or similar projects running in Turkey like the Turkish Red Crescent, The Turkish Ministry of Interior’s Earthquake Humanitarian Aid campaign, Save the Children, and Project Hope to provide aid. All of them received donations in cryptocurrency as it was faster. not only that several crypto exchanges including Binance, Bitfinex, OKX, and KuCoin, also made crypto-based donations for disaster relief.
Research director of Chain analysis Kim Grauer assured that the process of crypto donations was actually reliable in terms of security and safety. The cryptocurrency services are discreetly monitored under high-grade appropriate optimization. This further ensures that the donations reach their true destination.
Every passing day cryptocurrency and crypto transactions are making their mark in the world due to their reliability and faster global reach.
Save the Children was one of the first ones to adapt to crypto donations. Ever since they have raised more than $7 million worth of donations via this channel. They followed the same process during the relief efforts in Turkey and Syria.
The smart contract functionality of the Ethereum blockchain allows a person to make recurring donations. Also due to the tax benefits and some others, the rate of crypto donations is significantly higher than the fiat currencies.
Antonia Roupell – the web3 operations head – said that blockchain-based donations and other humanitarian activities serve a great purpose. Therefore, they should take measures to implement this on a grassroots level.
Most charity organizations don’t discriminate in receiving charity in fiat or cryptocurrencies. However, with a priority to get immediate disaster relief for the victims, they tend to accept whatever comes first.