Cryptophilanthropy exploded last year despite a lack of regulation, according to a company that helps nonprofits leverage crypto.
The Giving Block says in a new 2021 annual report that their total donation volume last year skyrocketed to more than $69.44 million, an increase of 1,558% compared to 2020.
The annual report examines fundraising data from more than 1,000 charities that accept cryptocurrency donations via The Giving Block.
Average donations on The Giving Block surged to $10,455, an increase of 236%. Donation volume also increased every quarter of 2021.
Additionally, the company notes that another crypto asset dethroned Bitcoin (BTC) as the donation of choice last year – the number two crypto by market cap, Ethereum (ETH).
“For the first time, Ethereum was the most-donated cryptocurrency in 2021, totaling $30.79 million in donation volume via The Giving Block.”
Bitcoin had more than $25.88 million in donation volume. The dollar-pegged stablecoins USD Coin (USDC) and Dai (DAI) were the third- and fourth-most donated crypto assets last year, with about $4.7 million and $2.2 million in volume respectively.
About 85% of the overall donation volume was donated in ETH, BTC and USDC.
The Giving Block also notes that the non-fungible token (NFT) sector was a “major force” in philanthropy in 2021, contributing more than $12.3 million in donation volume.
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