The rise of crypto charities: Elongate and Munch raise millions for various causes

The cryptocurrency community is flexing its generosity amid the latest bull market, as charitable donations continue to grow.

Two unrelated cryptocurrency projects have collectively raised over $3 million for charitable contributions this month, underscoring the potential of digital assets in aiding mission-based non-profits around the world. 

Elongate, a cryptocurrency project that began as a parody of Elon Musk’s reference to the Watergate scandal, has raised $2 million for various food and general support programs via Human Relief Foundation and Give India. The latter is a Covid-19 relief effort in the South Asian country in the wake of a devastating spike in new infections.

Some of the biggest Elongate contributors are Children International, Action Against Hunger, The Ocean Cleanup, Big Green, Human Relief Foundation and Give India, among others.

“In just a month, the Elongate ecosystem has grown to change the face of charity and crypto trading,” said Hasan Aziz, the project’s chief technology officer.

Elongate also announced that its token will begin trading on BitMart Monday, May 10.

Despite starting off as a meme, Elongate has emerged as a major player in the market for crypto-based charities. The project claims to have over 400,000 holders worldwide.

Meanwhile, DeFi project Munch has raised over $1 million to aid various causes in developing nations through the GiveWell Maximum Impact Fund. Over the years, the Maximum Impact Fund has allocated tens of millions of dollars to combating malaria and other diseases in Africa.

The Munch project was able to raise the funds via Ether (ETH) transaction fees on every buy and sell order made on its platform. The transaction fee, which was 10%, was evenly distributed to its token holders and the charity.

The cryptocurrency community is stepping up in a big way to distribute its wealth to good causes. As Cointelegraph recently reported, The Giving Block has launched a new charity drive to encourage community members to donate at least 1% of their crypto holdings to charities each year. Several high-profile crypto industry veterans have already joined the initiative.

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Pirate’s Treasure: How the World’s Leading Torrent Site Pirate Bay Amassed $4.5 Million in Bitcoin

Pirate's Treasure: How the World's Leading Torrent Site Pirate Bay Amassed $4.5 Million in BitcoinThe Pirate Bay has been the world’s most popular torrent web portal for the last eighteen years. Despite a few hiccups during that time, the site remains accessible via mirrors and proxy websites. In addition to remaining online, Pirate Bay has been accepting bitcoin for donations since 2013 acquiring more than $4.5 million worth since […]
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American Cancer Society Creates Its First Crypto Only Donation Fund

American Cancer Society Creates Its First Crypto Donation FundThe American Cancer Society has set up a fund for crypto donations so the nonprofit can raise at least $1 million by early 2021. Together with The Giving Block, the U.S.-based voluntary health organization expects to collect funds via several cryptocurrencies. Donations to Fund Cancer-Related Research Plummeted 50% in 2020 According to the announcement, the […]
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Portnoy’s small business relief fund now accepting Bitcoin, crypto donations

Barstool Media’s charity drive helping small businesses has enabled cryptocurrency donations.

Barstool Media’s Dave Portnoy is accepting Bitcoin (BTC) and cryptocurrency donations for his small-business relief fund. Less than 24 hours after integration, the crypto community has responded with incredible generosity. 

The Barstool Fund launched last week to raise money for small businesses impacted by the Covid-19 pandemic. At the time of writing, the Fund had raised nearly $5.3 million to help 14 businesses. More than 53,000 donors have contributed. For tax reasons, the campaign is scheduled to run until the end of the year.

A huge chunk of those donations came from the cryptocurrency community after Morgan Creek Digital set up a Bitcoin address through The Giving Block, a crypto donations company. In addition to Bitcoin, the Barstool Fund also accepts donations in Ethereum, Litecoin, Bitcoin Cash, Zcash, Basic Attention Token, Chainlink, Gemini Dollar, DAI, Storj, Amp and 0x.

Anthony Pompliano, co-founder and partner of Morgan Creek Digital, tells Cointelegraph that “at least $750,000” worth of crypto donations were made as of Friday morning:

“It is hard to track every donation coming out of the crypto community, but we know of at least $750,000 that has been donated in US dollars or crypto. The actual number is likely higher.”

“2020 has been a tough year,” Pompliano said, adding that “Bitcoin has been great to all of us though.”

He continues:

“There is no better way to end the year then with a new Bitcoin all-time high and a few donations to share the love.”

Cointelegraph reporter Helen Partz reached out to Alex Wilson, co-founder of The Giving Block, who explained how crypto donations have been incorporated into the Barstool Fund.

Users can donate crypto to the charity by visiting the Barstool Fund, clicking “contribute to the fund” and choosing the cryptocurrency option. There, they’ll have the ability to generate a wallet address and send the donation from their own wallet address. Donors will receive a tax receipt delivered to their email once the payment clears.

The Covid-19 pandemic triggered an unprecedented response from federal, state and local governments as health authorities struggled to contain the spread of the disease. Shelter-in-place orders, while intended to be temporary, have resulted in the permanent closure of hundreds of thousands of businesses.

As Pompliano noted, small businesses are responsible for roughly 50% of U.S. jobs and they “keep the American dream alive for billions of people around the world.” The economic consequences of the pandemic, insofar as it impacts small businesses, will reverberate around the world.

Congress has finally agreed on a new Covid relief package that earmarks an additional $284 billion for the Paycheck Protection Program, or PPP. However, with additional lockdowns looming, many fear that the relief measures are too little, too late, especially for hospitality businesses that have been impacted the most by strict shelter-in-place orders.

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Big Tech Execs and Bitcoin: Skype Cofounder Keeps Personal Wealth in Crypto, Intercom Chairman ‘Firmly Jumps on the Bitcoin Wagon’

Big Tech Execs and Bitcoin: Skype Cofounder Keeps Personal Wealth in Crypto, Intercom Chairman ‘Firmly Jumps on the Bitcoin Wagon’This week two well known tech executives revealed they have been dabbling in bitcoin and other cryptocurrencies. In a recent interview, Skype cofounder Jaan Tallinn detailed that he held bitcoin and ethereum in his personal finances, while the Intercom cofounder Eoghan McCabe tweeted on Sunday that he’s “jumped firmly onto the bitcoin wagon.” In 2020 […]

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