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It’s time for the philanthropic sector to embrace digital currencies

Blockchain is the future of money, and as digital currencies like bitcoin gain traction among investors and consumers alike, industry experts are calling for similar changes in philanthropy.

The “digital currency” is a new and exciting way to transfer money. It’s time for the philanthropic sector to embrace this new technology.

The number of cryptocurrencies on the market has exploded from 500 in 2014 to around 7,000 in October 2021, only seven years later. According to reports, 14% of individuals in the United States — around 21.2 million people — have acquired some kind of cryptocurrency, with more than 300 million crypto owners predicted globally. 

It’s evident that cryptocurrency is here to stay, and its journey to worldwide acceptance and prosperity is only getting started. I’ve previously discussed how and why the longevity and biotech industries should collaborate with digital currency visionaries to future-proof their efforts. In their daily lives, crypto innovators, CEOs, and buyers are already tearing down boundaries and contributing to a more decentralized future. The cryptocurrency business is paving the way for a future focused on innovation by providing users with access to a wide range of assets and investment options outside of conventional financial services.

I don’t see why this innovation should be limited to the IT industry; the philanthropic community can and should benefit as well. Accepting bitcoin contributions is a simple initial step that shows the larger community that an organization recognizes the value of crypto and is ready to embrace disruptive technology.

It’s time for the philanthropic sector to embrace digital currencies

Initiatives in philanthropy

In our subject of longevity, some charitable projects have already done so. The SENS Research Foundation is a major longevity research organization dedicated to developing, testing, and promoting complete treatments to age-related disorders. The SENS Foundation supports initiatives trying to cure heart disease, cancer, and Alzheimer’s disease by educating the general public about recent discoveries and recruiting informed contributors. Notably, it has included bitcoins into its operations. SENS allows contributions in 72 different cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), as well as Dogecoin (DOGE) and Aave (AAVE).

Other crypto visionaries have followed Vitalik Buterin’s lead, donating $2.4 million in ETH to the Foundation in 2018. Richard Heart, the inventor of HEX, announced an airdrop in collaboration with SENS, in which users may give a percentage of their money in exchange for a chance to win Heart’s new cryptocurrency PulseChain. The PulseChain airdrop earned more over $25 million for the Foundation’s efforts, demonstrating that combining cryptocurrencies with lifespan can be a very potent weapon.

Related: Cryptocurrency has the potential to make a difference by assisting people

I’d be remiss if I didn’t mention the recently established Longevity Science Foundation, which I assist to oversee. We welcome contributions in all major cryptocurrencies and want to collaborate with industry experts to create a decentralized and transparent fundraising system. The Foundation is committed to sponsoring initiatives that represent the most imaginative ways of perceiving the world since all contributors, including crypto leaders, have voting rights in the Foundation’s financing choices.

Accepting bitcoin contributions isn’t only a trend among long-term NGOs and foundations, however. Other entrepreneurs and fundraising teams are becoming aware of cryptocurrency’s immense potential and decentralization. For example, The Giving Block offers facilities for any non-profit to accept bitcoin payments, as well as making it simpler for donors to donate to 400+ organizations such as the American Cancer Society and No Kid Hungry in their favorite digital currency.

It’s time for the philanthropic sector to embrace digital currencies

Several other non-profits across the globe are following suit, including St. Jude Children’s Research Hospital and World Relief. Other charity organizations should embrace cryptocurrencies and the contributors behind it if these multinational companies recognized for their good efforts and laudable ideals can.

We can do better at doing good if we digitize charity.

Action is needed now.

It’s past time for the non-profit and charitable industries to recognize the value of digital currencies. Longer human lifespans, as well as a slew of other significant improvements, are within our grasp, but collaboration from a wide range of sectors and minds is essential.

Adopting crypto industry ideas, such as decentralization and tokenization, may improve and modernize these organizations’ operations, while accepting cryptocurrency contributions will guarantee that innovators and change-makers can contribute to key achievements. With all of the tools (and currencies!) at our disposal, we can construct a brighter future together.

The author’s views, ideas, and opinions are entirely his or her own, and do not necessarily reflect or represent those of Cointelegraph.

Garri Zmudze is a managing partner of LongeVC, a venture capital company located in Switzerland and Cyprus that invests in biotech and longevity technologies. He is a seasoned entrepreneur and angel investor with a track record of successful exits in the medical and IT industries. He has supported and invested in biotech firms like as Insilico Medicine, Deep Longevity, and Basepaws for a long time.

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