By a recent count, crypto investors have more than 10,000 different cryptocurrencies from which to choose. To attract the attention of potential investors, some crypto companies are highlighting their commitment to charitable giving to stand out in the crowd. For investors with a heart for generosity, that means there are a growing number of crypto companies that offer opportunities to leverage cryptocurrency in support of charitable causes.
Crypto that gives back
“Our token is a cryptocurrency with a cause,” explains Adam Carlton, CEO, and Founder of Pink Panda Holdings, Inc., a cryptocurrency company that is committed to weaving charitable giving into its DNA. “From day one, we have reserved a portion of the token supply to fund indefinite regular donations.”
Carlton founded Pink Panda after losing his mother and a best friend to cancer. The experience of losing loved ones prompted him to dedicate himself to harnessing the power of community, charity, and positivity to innovate in the cryptocurrency and decentralized finance spaces.
In addition to providing information on the utility of its token and the friendliness of its user interface, Pink Panda’s website also provides evidence of its commitment to charitable giving, including videos capturing its donations to the American Cancer Society. In the future it will give members of the Pink Panda community the power to choose who receives donations by voting for their favorite charitable causes through the Pink Panda app.
“Our goal is for the community to decide which causes matter most to them,” says Carlton. “We have already donated to the American Cancer Society and the GO2 Foundation for Lung Cancer. We are looking to donate a minimum of $1,000,000 by the end of 2022.”
How nonprofits can connect with crypto
Nonprofits looking to benefit from crypto-based donations face a range of challenges, from understanding the ways in which crypto differs from traditional money to providing a secure interface through which crypto donors can give. In addition, nonprofits need to understand the way in which tax laws view crypto donations, which is different from how it views typical cash donations.
To overcome these hurdles, nonprofits are turning to companies like The Giving Block that provide crypto donation portals. Such companies assist nonprofits in accepting crypto, providing donors with the necessary documentation, and, should they choose, converting crypto donations to cash.
The Giving Block estimates that approximately $300 million is donated to nonprofits in the form of cryptocurrency each year, with Bitcoin representing 90 percent of donations. It also says that Millennials and Gen Z represent the majority of crypto donors.
Challenging the crypto community to give
Pink Panda’s Carlton believes that cryptocurrency not only has the power to decentralize finance but also to empower finance as fuel for social change. And he is not alone.
The Crypto Giving Pledge is an initiative that commits participants to donate at least 1 percent of their crypto holdings to charity annually. Launched by The Giving Block in April 2021, it is described as part of the company’s mission to “create a community impact through Crypto Philanthropy” and is aimed at funding charities that “make a positive social impact.”
The Giving Block invites anyone to take the pledge, no matter the size of their crypto wallet. The list of those who have already taken the pledge includes professional skateboarder Tony Hawk and actor Rainn Wilson.
As the crypto universe continues to grow, companies like Pink Panda and The Giving Block serve as a reminder that regardless of what currency you deal in, whether centralized or decentralized, accumulating wealth provides you with the opportunity to finance social change.
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