- P2P crypto marketplace Paxful introduced crypto as a payment means for donations in a bid to help people in Africa.
- Charities such as WaterAid America and She’s The First jump on the crypto bandwagon and announce relief funds with crypto as a mode of payment.
- Entrepreneurs across the globe prioritize Coronavirus victims by giving donations.
COVID-19 has caused most economies to plummet with financial uncertainties and cash flow issues for businesses and institutions around the world. This is true even for charities that depend on the goodwill and compassion of others to get donations. Enter cryptocurrency.
As a result, the ongoing COVID-19 crisis propelled the entire crypto community to join in charitable initiatives. Furthermore, charities are now opening up to accepting donations through cryptocurrencies which have resulted in boosting the use of crypto in philanthropic projects.
For instance, peer-to-peer cryptocurrency marketplace Paxful announced the launch of the “Africa Fund” which was developed with the aim to expand its #BuiltWithBitcoin charitable initiative in Africa. The fund will use Bitcoin donations to purchase essential resources to combat the coronavirus pandemic in the region.
Indeed, COVID-19 cases are increasing in Africa “at exponential rates” with figures nearing circa 50,000 at the moment. With this initiative, the charity aims to acquire Personal Protective Equipment for medics, food packs, and aid high-risk individuals with groceries and handwashing stations, it said in a statement.
Paxful will start the fund with $15,000 and will even match additional donations received of up to $15,000 in BTC. This injection of funds will focus on access to food, water, and medical supplies for those in need. With the help of GROW Educare Centres, the charity will provide 8,400 meals across South Africa as well as 6,100 masks for frontline workers in the Kibera slums of Kenya by SHOFCO.
Another part of the fund, Zam Zam Water which aims to wipe out poverty through sustainable water has pumped in donations which will be used to aid 1,000 people with food, water, and masks.
“This is a direct response to the pandemic and by utilizing the power of bitcoin we will serve thousands on the ground in a positive way,” said Executive Director of Zam Zam Water, Yusuf Nessary.
More charities adopting Crypto donations
Paxful is hardly alone. WaterAid America, a non-profit organization that focuses on providing clean water, realized how COVID-19 is impossible to contain without good hygiene and sanitation. Consequently, to raise more awareness about the urgency of making clean water accessible for many, it launched the “Fight Corona United” campaign where one can donate by using cryptocurrencies and will also receive tax benefits.
Similarly, The Water Project is providing sustainable water to the sub-Saharan African region and has now started accepting payment via crypto.
“Regular sources of donations are slowing even as the need is growing. We need the Cryptocurrency community more than ever,” it said on its website.
In addition to the lack of basic resources, the pandemic caused educational institutions to shut and girls were being deprived of education. The She’s the First charity announced in a tweet that they officially accept cryptocurrency donations while working with the blockchain community to provide the resources for girls.
Blockchain entrepreneurs coming to the rescue
Apart from charities, two blockchain enthusiasts Rishabh Kapoor and Nischal Arvind Singh set up a COVID-19 fund to support those who’ve suffered a substantial economic hit due to the outbreak.
“Donations for the fund in all our eight locations are accepted only in blockchain assets – like bitcoin, ethereum, tether, etc. We chose blockchain mainly because it helps in establishing trust by recording a trail of funds, and gives people an opportunity to hedge their investments for the larger good,” Singh told YourStory in an interview.
As TechMeru reported on March 26, To further help the economy deal with the global health crisis, blockchain companies such as Binance launched the Crypto Against Covid charity where it said it will donate $1 for every tweet with the hashtag #CryptoAgainstCovid.
Furthermore, Ripple even announced its $200,000 donation to charities namely Tipping Point Community and Silicon Valley Community Foundation which are funds to help those affected by Coronavirus.
Looking at these initiatives, we can be sure to say that the possibilities with blockchain are endless and it is indeed the future of money as we know it.