Turns out 2021 was the most generous year for the practice of donating cryptocurrency to charitable organizations. Prior to 2021, Bitcoin was the most-donated cryptocurrency. However, for the first time, Ethereum had the highest donation volume. Approximately 100 leaders in the Crypto Philanthropy area committed to donating a few percent of their gains to charity every year.
Research reveals that crypto donation volume increased every single quarter in 2021. Furthermore, NFT projects donated $12.3 million to different charities. The most important part is the total volume on The Giving Block was $69,644,535. This shows an increase of 1,558% from the previous year.
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The size of each donation was approximately $10,455, a 236% increase, or 82 times larger than it was in 2020. Moreover, blockchain makes crypto assets borderless, which has made it a top choice for donations.
Donation data revealed a lot of interesting factors. For instance, The Giving Block application added support for additional governance tokens, and stablecoins, which allowed to donate more than 70 cryptocurrencies by December 2021.
From January to December monthly donation volume was at its highest point. The overall cryptocurrency market cap growth could be the main influence. Furthermore, the adoption of digital assets among the common public as well as nonprofit organizations was suggested by the research to be the attributes of the increase.
And the crypto donation volume didn’t stop increasing throughout every quarter of 2021. To compare Q1 had a volume of $1.69 million, while Q4 was about $43.1 million.
The data also reflects the popularity of digital currency that is growing by the day among politicians, activists, and shadow governments. by Una N. – Crypto Analyst, BitDegree