Charitable donations on crypto philanthropy platform The Giving Block rose by 1,558% in 2021, the company announced in its annual report.
- The Giving Block’s crypto donation volume increased in each quarter of 2021 and surpassed US$69 million in total donations, with an average of US$10,455 worth of crypto per donation.
- As cryptocurrency is more widely adopted, platforms like The Giving Block provide nonprofits with access to charitably inclined blockchain investors looking for opportunities to share profits with good causes and to offset capital gains taxes.
- The emergence of NFT philanthropy was another notable trend in charitable crypto giving, with more than US$12.3 million donated by verified NFT projects, artists and platforms.
- The Giving Block also launched its Crypto Giving Pledge initiative last year, with over 100 philanthropic crypto holders pledging at least 1% of their crypto gains to charity annually.
- While the number of nonprofits accepting crypto donations on The Giving Block grew by 900%, 2021 also saw outfits like the environmental advocacy organization Greenpeace stop accepting Bitcoin, citing environmental worries associated with mining the digital currency.
- Ether was the top donated crypto in 2021, followed by Bitcoin.