The largest grantmaker in the United States – Fidelity Charitable – has reportedly beaten all 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.
Crypto Donations Smashed The Records
The news was reported by the British business newspaper City A.M. Keeping in mind the pace of the donations, they can even surpass the $300 million milestone by the end of the ongoing year.
It is worth noting that Fidelity Charitable’s previous record for such contributions was set in 2017 when numerous people and entities donated $69 million in digital assets to the organization. Meaning that the first eleven months of 2021 have been four times more successful than the entire record year.
Apart from the Fidelity Charitable, other entities also acquired considerable amounts of crypto donations throughout 2021. The coverage outlined the case with the cryptocurrency platform – Engiven. Earlier this year, it accepted a single donation of $10 million worth of bitcoin, which it later gifted to an undisclosed faith-based group.
However, Rick Cohen – Chief Communications and Operating Officer at the National Council on Nonprofits – said the cryptocurrency industry is too volatile for small charity entities to start accepting such donations:
“For a lot of organizations, it feels a little bit scary because it’s not the contribution of dollars that they’re used to. It’s not something that’s free and easy, and they need to figure out if there’s even demand from their current donors to be able to do it.”
Other Examples of Crypto Donations
As CryptoPotato reported last month, Nicklaus Children’s Hospital Foundation allowed people to make donations in digital assets. The non-profit charity organization focusing on providing better healthcare for children started 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 gift $1 billion worth of Shiba Inu tokens to the India Covid Relief Fund. Back in May, Ethereum’s Co-Founder outlined the severe problem the coronavirus pandemic has created for the entire world and added, “it’s important to think about the longer-term future too.”
However, Sandeep Nailwal – Creator of the Fund – revealed that cashing out those tokens was not easy because the transactions had to comply with India’s controversial government policies and liquidity issues. Distributing the funds appropriately was also tricky since the COVID-19 pandemic stretched all over the nation, Nailwal said.