The largest lender in the United States, Fidelity Charitable, has reportedly broken all of its previous records in terms of cryptocurrency donations received by the organization. Since the beginning of 2021, it has accepted nearly $ 274 million in digital assets.
Cryptocurrency donations broke records
The news was reported by the British business newspaper City AM. Bearing in mind the pace of donations, they may even exceed the $ 300 million mark by the end of the current year.
It is worth noting that Fidelity Charitable's previous record for such contributions was set in 2017, when numerous individuals and entities donated $ 69 million in digital assets to the organization. This means that the first eleven months of 2021 were four times more successful than the entire record year.
In addition to Fidelity Charitable, other entities have also acquired substantial amounts of cryptocurrency donations throughout 2021. The coverage outlined the case for the cryptocurrency platform - Engiven. Earlier this year, he accepted a single donation of $ 10 million in bitcoin (quotation BTC), which he later donated to an undisclosed religious group.
However, Rick Cohen - Chief Communications and Operating Officer at the National Council on Nonprofits - said the cryptocurrency industry is too volatile for small charitable entities to start accepting such donations:
“For many organizations, it's a little scary because it's not the dollar contribution they're used to. It is not something free and easy, and they have to understand if there is also a demand from their current donors to be able to do it ”.
Other examples of cryptocurrency donations
The Nicklaus Children's Hospital Foundation has also allowed people to donate digital assets. The nonprofit charitable organization dedicated to providing better health care for children has begun accepting some of the largest cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, and Litecoin.
Among the most popular examples of such contributions is Vitalik Buterin's decision to donate $ 1 billion of Shiba Inu tokens to India Covid Relief Fund. In May, the co-founder of Ethereum outlined the serious problem that the coronavirus pandemic has created for the whole world and added: "it is important to also think about the long-term future".
However, Sandeep Nailwal - the Fund's creator - revealed that cashing out those tokens was not easy because the transactions had to comply with the Indian government's controversial policies and liquidity concerns. Proper distribution of funds has also been complicated as the COVID-19 pandemic has spread nationwide, Nailwal said.