It’s time for the philanthropic sector to embrace digital currencies
The quantity of cryptocurrencies on the market has skyrocketed from 500 in 2014 to just about 7,000 solely seven years later in October 2021. A reported 14% of individuals within the United States — which roughly equals 21.2 million individuals — have bought some type of cryptocurrency, with greater than 300 million crypto homeowners estimated worldwide.
It’s clear: Cryptocurrency is right here to remain, and its path to world recognition and success has solely simply begun. I’ve shared earlier than how and why progressive sectors of longevity and biotech ought to cooperate with digital currency visionaries to future-proof their work. Crypto founders, CEOs and purchasers are already breaking down limitations and contributing to a extra decentralized future of their on a regular basis lives. By empowering people with entry to numerous belongings and alternatives to take a position exterior of conventional monetary choices, the cryptocurrency business is making a future constructed with innovation in thoughts.
I see no motive why this innovation ought to stay locked in these tech-oriented sectors — the philanthropic world can and will profit as effectively. Accepting donations in crypto is a simple first step that demonstrates to the broader group that a company acknowledges its significance and is able to embrace disruptive expertise.
Several philanthropic initiatives in our subject of longevity have already finished so. The SENS Research Foundation is a number one longevity analysis group that goals to analysis, develop and promote complete options for aging-related ailments. By educating most people about new developments and attracting educated donors, the SENS Foundation helps initiatives working to remedy coronary heart illness, most cancers and Alzheimer’s. Notably, it has made cryptocurrencies an integral a part of its operations. SENS accepts donations made in 72 totally different cryptocurrencies starting from Bitcoin (BTC) and Ether (ETH) to Dogecoin (DOGE) and Aave (AAVE).
In 2018, Vitalik Buterin donated $2.4 million in ETH to the Foundation, and different crypto visionaries have adopted swimsuit. Richard Heart, the founding father of HEX, launched an airdrop in partnership with SENS that known as on customers to donate a portion of their cryptocurrencies and be entered to win Heart’s new cryptocurrency PulseChain. The PulseChain airdrop raised over $25 million to help the Foundation’s work, which is obvious proof that collaboration between cryptocurrency and longevity might be an extremely highly effective software.
Related: Cryptocurrency can truly make a distinction by serving to individuals
I might be remiss to miss the newly introduced Longevity Science Foundation, which I assist run. We settle for donations in all main cryptocurrencies and plan to work intently with leaders within the crypto business to construct a decentralized and clear mode of funding. Because all donors, crypto leaders included, obtain voting rights within the Foundation’s funding selections, the Foundation has dedicated to supporting initiatives that replicate essentially the most visionary methods of viewing the world.
But after all, accepting cryptocurrency donations isn’t a phenomenon restricted to longevity nonprofits and foundations. Other founders and fundraising groups are waking as much as the unbelievable energy of cryptocurrency and the decentralization it gives. For instance, The Giving Block offers instruments for any non-profit to just accept cryptocurrency donations in addition to makes it simpler for philanthropists to make donations of their most popular digital currency to 400+ organizations just like the American Cancer Society and No Kid Hungry.
Several different worldwide non-profits, together with St. Jude Children’s Research Hospital and World Relief, are following swimsuit. If these world entities identified for his or her charitable work and admirable targets can embrace cryptocurrency and the donors behind it, so ought to different nonprofit organizations.
Related: Digitizing charity: We can do higher at doing good
Call for motion
It is time for the philanthropic and non-profit sectors to get up to the potential of digital currencies. Longer human lifespans, and lots of different vital developments, are in our attain, however help from numerous industries and minds is important.
Adopting rules from the crypto business, reminiscent of decentralization and tokenization, can enrich these foundations and modernize their operations whereas accepting donations in cryptocurrencies will assist be sure that innovators and change-makers can contribute to main developments. Together, we are able to construct a greater future with all of the instruments (and currencies!) at our disposal.
The views, ideas and opinions expressed listed here are the creator’s alone and don’t essentially replicate or characterize the views and opinions of Cointelegraph.
Garri Zmudze is a managing associate at LongeVC, a Switzerland and Cyprus-based enterprise capital agency accelerating progressive startups in biotech and longevity. He is a seasoned enterprise knowledgeable and angel investor with a number of profitable exits throughout biotech and tech firms. He is a long-time supporter and investor in biotech firms together with Insilico Medicine, Deep Longevity and Basepaws.