More than US$69 million worth of cryptocurrency was donated in 2021, a 1,558 percent increase on the US$4.2 million figure in 2020. The data was released by The Giving Block, a platform that allows donations in cryptocurrency for non-profit organisations and individuals.
2021: The Year of Crypto Philanthropy
A total of 70 cryptocurrencies were donated, and for the first time Ether (ETH) surpassed Bitcoin (BTC) as the most donated cryptocurrency with US$30.79 million worth of ETH transferred to the The Giving Block.
Monthly Volume of Crypto Donations Skyrockets
More than 295 million crypto users globally donated using their preferred cryptocurrency. The Giving Block attributes the increase to the bull market and the growing adoption of crypto assets during 2021, but what’s interesting is that the volume of donations didn’t drop during market crashes – rather, it increased with each month.
At the close of the first quarter of 2021, the total donation volume was around US$1.69 million – by the end of Q4, it was $43.1 million.
Various NFT (non-fungible token) projects also contributed to The Giving Block with donations of more than US$12.3 million. These included Yuga Labs – creators of Bored Ape Yacht Club – who donated 66.45 ETH to the organisation.
This data reflects the growing popularity of digital assets among activist, nonprofits, and the general public throughout 2021, especially as it’s easier to donate using cryptocurrencies.
As an emerging source of fundraising, individuals from all corners of the crypto community – from anonymous donors to industry leaders to NFT artists – have shown an eagerness to embrace their capacity as supporters of important causes, from animal rights and disaster relief to mental health awareness and cancer research.
Pat Duffy, co-founder, The Giving Block
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