The Cryptocurrencies Come Forth for Charitable Causes

With the passage of time, cryptocurrencies have made their name in almost every sector of the world. As the cryptocurrency industry continues to gain adoption and recognition, the global population now expects more from it.

Although many thought that the cryptocurrency industry was oriented towards the interest of individuals, it has started changing this perception with its actions.

In the past couple of years, the cryptocurrency communities have come forth offering their help and support in the form of charities. Several non-profit organizations from around the world have claimed that receiving many charities from cryptocurrency sources.

Now, the majority of the organizations from around the world are posting cryptocurrency wallet addresses so the cryptocurrency communities can also donate. Surprisingly, the cryptocurrency communities have shown their generosity by donating millions for charitable causes.

Just recently, the entire cryptocurrency community held several donation-funding rounds for the Indians currently fighting with the Coronavirus. On a daily basis, the number of COVID-19 cases in India is on the rise, and as per the latest reports; the daily COVID-19 cases in India have crossed 400k per day.

Therefore, CEOs of several major cryptocurrency firms including Vitalik Buterin (founder of Ethereum), also donated around a million for the Indians.

According to the latest reports, two cryptocurrency projects recently collaborated for the purpose of collecting charities. It is now reported that both firms have managed to collectively raise more than $3 million in the form of charitable contributions. Both firms have confirmed that the $3 million figure was collected in the first 9 days of May.

This goes to show how much empathetic the cryptocurrency community is when it comes to helping the world in becoming a better place. The non-profit organizations have access to another medium in the form of cryptocurrencies that can generate promising and generous charity funds for them.

The name of the first cryptocurrency project is Elongate that has reportedly generated $2 million for several causes. The firm has revealed that among the causes, the ones set to receive most of the funding would be for general support and food programs.

According to Elongate, the $2 million funds raised by Elongate will be distributed among the causes through Give India and Human-Relief Foundation. The funds set for Give India would be for the same COVID-19 purpose as all other charities currently trending in the crypto-verse.

Among the major contributors in Elongate’s funding were firms such as Give India, Big Green, Human-Relief Foundation, The Ocean Cleanup, Action Against Hunger, and Children International.

The other cryptocurrency firm is Munch, which is a major decentralized finance (DeFi) project. The firm reportedly generated $1 million for charitable causes. The majority of the funds raised by Munch would go towards GiveWell Maximum Impact Fund.