Cryptophilanthropy exploded final yr regardless of an absence of regulation, in accordance with an organization that helps nonprofits leverage crypto.
The Giving Block says in a brand new 2021 annual report that their whole donation quantity final yr skyrocketed to greater than $69.44 million, a rise of 1,558% in comparison with 2020.
The annual report examines fundraising information from greater than 1,000 charities that settle for cryptocurrency donations by way of The Giving Block.
Common donations on The Giving Block surged to $10,455, a rise of 236%. Donation quantity additionally elevated each quarter of 2021.
Moreover, the corporate notes that one other crypto asset dethroned Bitcoin (BTC) because the donation of alternative final yr – the quantity two crypto by market cap, Ethereum (ETH).
“For the primary time, Ethereum was the most-donated cryptocurrency in 2021, totaling $30.79 million in donation quantity by way of The Giving Block.”
Bitcoin had greater than $25.88 million in donation quantity. The dollar-pegged stablecoins USD Coin (USDC) and Dai (DAI) had been the third- and fourth-most donated crypto belongings final yr, with about $4.7 million and $2.2 million in quantity respectively.
About 85% of the general donation quantity was donated in ETH, BTC and USDC.
The Giving Block additionally notes that the non-fungible token (NFT) sector was a “main drive” in philanthropy in 2021, contributing greater than $12.3 million in donation quantity.
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