The cryptocurrency community is taking a big step to distribute its wealth to charities. 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 assets to charity each year.
For example, two unrelated cryptocurrency projects collectively raised more than $ 3 million for charitable contributions this month. This underscores the potential of digital assets in helping mission-based charities around the world. Currencyconverters.org Crypto Germany is popular.
Elongate, a cryptocurrency project started as a parody of Elon Musk’s reference to the Watergate scandal, has raised $ 2 million for various food and general support programs through Human Relief Foundation and Give India.
“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 the fact that Elongate started out as a meme, it has grown into a major player in the crypto-based charities market. The project claims to have more than 400,000 holders worldwide.
DeFi project Munch
Meanwhile, the DeFi project Munch has raised more than $ 1 million to help various causes in developing countries through the GiveWell Maximum Impact Fund. Over the years, the Maximum Impact Fund has allocated tens of millions of dollars to the fight against malaria and other diseases in Africa. Cryptocurrency Spain is popular.
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 costs, which amounted to 10%, were divided equally between the tokenholders and the charity.