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

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The quantity of cryptocurrencies available on the market has skyrocketed from 500 in 2014 to almost 7,000 solely seven years later in October 2021. A reported 14% of people in the United States — which roughly equals 21.2 million individuals — have bought some type of cryptocurrency, with greater than 300 million crypto house owners estimated worldwide. 

It’s clear: Cryptocurrency is right here to remain, and its path to international recognition and success has solely simply begun. I’ve shared earlier than how and why revolutionary sectors of longevity and biotech ought to cooperate with digital foreign money visionaries to future-proof their work. Crypto founders, CEOs and purchasers are already breaking down obstacles and contributing to a extra decentralized future of their on a regular basis lives. By empowering people with entry to various property and alternatives to speculate exterior of conventional monetary choices, the cryptocurrency business is making a future constructed with innovation in thoughts.

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I see no motive why this innovation ought to stay locked in these tech-oriented sectors — the philanthropic world can and will profit as nicely. Accepting donations in crypto is a simple first step that demonstrates to the broader neighborhood that a company acknowledges its significance and is able to embrace disruptive expertise.

Philanthropic initiatives

A number of philanthropic initiatives in our area of longevity have already performed so. The SENS Analysis Basis is a number one longevity analysis group that goals to analysis, develop and promote complete options for aging-related ailments. By educating most people about new developments and attracting educated donors, the SENS Basis helps initiatives working to treatment coronary heart illness, most cancers and Alzheimer’s. Notably, it has made cryptocurrencies an integral a part of its operations. SENS accepts donations made in 72 totally different cryptocurrencies starting from Bitcoin (BTC) and Ether (ETH) to Dogecoin (DOGE) and Aave (AAVE).

In 2018, Vitalik Buterin donated $2.4 million in ETH to the Basis, and different crypto visionaries have adopted swimsuit. Richard Coronary heart, the founding father of HEX, launched an airdrop in partnership with SENS that referred to as on customers to donate a portion of their cryptocurrencies and be entered to win Coronary heart’s new cryptocurrency PulseChain. The PulseChain airdrop raised over $25 million to help the Basis’s work, which is evident proof that collaboration between cryptocurrency and longevity may be an extremely highly effective software.

Associated: Cryptocurrency can actually make a difference by helping people

I’d be remiss to miss the newly introduced Longevity Science Basis, which I assist run. We settle for donations in all main cryptocurrencies and plan to work intently with leaders within the crypto business to construct a decentralized and clear mode of funding. As a result of all donors, crypto leaders included, obtain voting rights within the Basis’s funding choices, the Basis has dedicated to supporting initiatives that mirror essentially the most visionary methods of viewing the world.

However after all, accepting cryptocurrency donations isn’t a phenomenon restricted to longevity nonprofits and foundations. Different founders and fundraising groups are waking as much as the unimaginable energy of cryptocurrency and the decentralization it gives. For instance, The Giving Block provides tools for any non-profit to simply accept cryptocurrency donations in addition to makes it simpler for philanthropists to make donations of their most well-liked digital foreign money to 400+ organizations just like the American Most cancers Society and No Child Hungry.

A number of different worldwide non-profits, together with St. Jude Kids’s Analysis Hospital and World Aid, are following swimsuit. If these international entities identified for his or her charitable work and admirable objectives can embrace cryptocurrency and the donors behind it, so ought to different nonprofit organizations.

Associated: Digitizing charity: We can do better at doing good

Name for motion

It’s time for the philanthropic and non-profit sectors to get up to the potential of digital currencies. Longer human lifespans, and plenty of different necessary developments, are in our attain, however help from various industries and minds is vital.

Adopting ideas from the crypto business, akin to decentralization and tokenization, can enrich these foundations and modernize their operations whereas accepting donations in cryptocurrencies will assist be sure that innovators and change-makers can contribute to main developments. Collectively, we will construct a greater future with all of the instruments (and currencies!) at our disposal.

The views, ideas and opinions expressed listed below are the writer’s alone and don’t essentially mirror or symbolize the views and opinions of Cointelegraph.

Garri Zmudze is a managing companion at LongeVC, a Switzerland and Cyprus-based enterprise capital agency accelerating revolutionary startups in biotech and longevity. He’s a seasoned enterprise skilled and angel investor with a number of profitable exits throughout biotech and tech firms. He’s a long-time supporter and investor in biotech firms together with Insilico Medication, Deep Longevity and Basepaws.