How crypto is changing philanthropy

Image credit: Francis Scialabba

As cryptocurrencies lick their wounds following a steep sell-off, some HODLers are turning their attention to the nonprofit sector. Crypto philanthropy has exploded over the last two years. Fidelity Charitable received around $330 million in crypto in 2021 up from $28 million in 2020. The Giving Block, a crypto donation platform, reported $69 million in total donation volume last year, an impressive 1,558% spike from 2020.

Despite the uptick in giving, crypto critics aren’t sure that nonprofits should hitch their wagons to a technology that might need a few guardrails. Like nearly everything else, Covid changed the nonprofit approach to fundraising. In person events were, at points, nearly impossible. Even though those have largely resumed, the lockdown led to an acceleration of digital giving, forcing nonprofits to develop bigger and better digital presences. This culminated with charitable organizations considering a strategy for crypto donations.

Check out the rest of this originally reported story on Morning Brew’s website here.