Crypto donations

Crypto donations to surpass $10B in a decade: The Giving Block

The Giving Block reported that USDC accounted for 44% of the crypto donation volume on its platform in the last year, followed by ETH (24%) and BTC (17%).

Data collected by the crypto charity platform The Giving Block shows that cryptocurrency donations are set to exceed $10 billion in the next decade.

According to The Giving Block’s 2023 annual report titled “Crypto Philanthropy Data, Trends & Predictions,” all-time crypto donations in the platform surpassed $125 million in 2022. Based on the data available, the crypto charity project predicted that it could top $1 billion by August 2027, reaching $5 billion in June 2031, and exceeding the $10 billion mark in November 2032.

*Predictions based on trends and Bitcoin price. Source: The Giving Block*

In addition to the platform’s data on crypto donations, The Giving Block also based its predictions on its analysis of Bitcoin’s (BTC) price trajectory. The platform predicted that BTC may reach $100,000 in September 2026 and $250,000 in October 2029.

The charity project also highlighted the most used cryptocurrencies in donations, and the largest crypto donation of the year. As for the most popular crypto used in donations, USD Coin (USDC) accounted for 44% of the volume, with Ether (ETH) following suit on 24%, and BTC with 17% of the donations.

Meanwhile, Ethereum co-founder Vitalik Buterin held the record for the largest crypto donation of the year, giving $9.4 million through Balvi, his philanthropic fund.

As charities and crypto donations grow, some may wonder where the donations go. In 2022, The Giving Block also shared six charities that benefited from crypto donations. These included the orangutan preservation project, Orangutan Outreach, which cares for orphaned and displaced orangutans, and the regenerative agriculture nonprofit, Trees for the Future, which managed to plant 2.3 million trees from the crypto donations it received.

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Aid for Ukraine’s $54M crypto fund buys vests, scopes and UAVs

The crypto donations have played a “significant role in Ukraine’s defense,” a Ukrainian government official wrote.

The crypto community has poured in an impressive $54 million worth of crypto funds through Aid For Ukraine, aimed at supporting the country’s military efforts against Russia, the Ukrainian Deputy Prime Minister has revealed.

The $54 million has been funneled in through the Ukrainian government-run initiative Aid For Ukraine, according to Ukraine’s Deputy Prime Minister Mykhailo Fedorov’s Twitter post on Thursday, who thanked the crypto community for their support:

“Every helmet, bulletproof vest, and night vision device save the lives of Ukrainian soldiers. Thus, we must continue to support our defenders. Thanks so much to everyone from the crypto community for supporting Ukraine!”

According to the Ministry of Digital Transformation of Ukraine, Aid For Ukraine’s $54 million has mostly come in the form of 10,190 Ether (ETH), worth $18.7 million, 595 Bitcoin (BTC), worth $13.9 million, Tether (USDT) worth $10.4 million, and USD Coin (USDC), worth $2.2 million.

The crypto payments have gone toward military equipment, hardware, and munitions, including $11.8 million worth of unmanned aerial vehicles (UAVs), which are typically used to spot enemy troops and direct attacks.

A significant sum of the donations was also spent on armor vests at $6.9 million, along with $3.8 million on field rations, $5.2 million on anti-war media campaigns and $5 million on “weapons of the [Ukraine] Ministry of Defense request,” among other military and medical accessories.

With $54 M raised by @_AidForUkraine, we’ve supplied our defenders with military equipment, armor clothes, medicines and even vehicles. Thanks to the crypto community for support since the start of the full-scale invasion! Donation by donation to the big victory. Report below. pic.twitter.com/lifHAP8R4f

— Mykhailo Fedorov (@FedorovMykhailo) August 17, 2022

“Crypto is playing a significant role in Ukraine’s defense,” said Deputy Minister of Digital Transformation of Ukraine Alex Bornyakov on the government-tied donation website.

Founder of Ukrainian-based crypto exchange KUNA Mike Chobanian added that the contributions from the crypto community have shown the impact that blockchain technology can have on nation-states, stating that it can serve as a “backbone of global security” in times of need.

Aid For Ukraine works by transferring crypto into the crypto exchange FTX, which converts crypto into fiat, and is then withdrawn and transferred to the National Bank of Ukraine.

But Aid For Ukraine isn’t the only organization taking in funds to assist Ukrainian defense efforts. Reserve Fund of Ukraine, Come Back Alive, UkraineDAO and Unchain Fund have also contributed funds in the seven-figure range, although the amount of crypto-based funds they’ve taken in hasn’t been disclosed since March.