Cryptocurrencies are slowly finding their way into charity organizations. This has been made possible by initiatives such as The Giving Block, which allow charity organizations to convert their crypto holdings directly into fiat currencies.
Susan G. Komen, the largest breast cancer non-profit organization globally, has announced it will start accepting cryptocurrencies as donations. The move has been made possible through the partnership with The Giving Block.
World’s largest breast cancer organizations accept crypto donations
Susan G. Komen stated on Twitter that it has opened donations for a wide range of cryptocurrencies such as Dogecoin, Shiba Inu and Dogelon Mars. The organization will also accept some of the lesser and newer coins in the market, including Gala (GALA), Orchid (OXT) and Civic (CVC).
The announcement notes, “Through a partnership [with] @TheGivingBlock, Susan G. Komen now accepts #cryptocurrency as a form of donation. You can donate #Bitcoin, #Ethereum and more. This will give us more ways to fight #breastcancer and save lives.”
The breast cancer foundation derives its name from its founder, Susan Goodman Komen, who passed away three years after being diagnosed with breast cancer. In her memory, her younger sister, Nancy Brinker, launched the foundation in 1980.
As a non-profit organization, the Komen foundation relies on donations to boost breast cancer awareness. It does this through research into breast cancer. Since its founding in 1982, the organization has invested $1.1 billion into breast cancer research.
Crypto donations on the rise
Crypto donations are on the rise because they offer better tax efficiency for cryptocurrency holders. The Internal Revenue Service (IRS) categorizes cryptocurrencies as property for tax payments.
One of the popular organizations enabling crypto donations is The Giving Block. The firm was founded in 2018, and over the years, it has partnered with many charities that want to open up for donations in cryptocurrencies.
In December alone, crypto donations have increased significantly. Earlier in the month, Upbring Innovation Labs, an organization based in Texas that seeks to bolster technology innovation in the non-profit sector, announced the Give Big TX Crypto Fund launch.
The fund will operate like a joint crypto campaign that involves 12 non-profit organizations based in Texas. The fund seeks to transform Texas into a major technological hub by supporting non-profits in their journey towards Web 3.0. Some of the organizations involved in this campaign include Catholic Charities of Central Texas and Austin Pets Alive.
The Upbring initiative has also been launched through a partnership with The Giving Block. More than 40 cryptocurrencies will be accepted, in which case The Giving Block will automatically convert them into US dollars, making it convenient for both the charities and the supporters.
The other initiative that also launched crypto donations recently was Pawthereum. This is a decentralized community project that supports animal shelters. It has launched a charitable crypto campaign dubbed the 12 Days of Crypto Giving. The campaign allows crypto holders to donate on various projects, with funds directed towards animals in need.
Pawthereum has already made major moves in its crypto campaign efforts. The organization raised $25,000 worth of crypto donations to support the Muttville Senior Dog Rescue. This animal shelter in San Francisco provides care to dogs with special needs. The organization has raised $400,000 worth of cryptocurrencies in total since it was founded in mid-December.
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