Crypto Donations are Growing
According to Chainalysis, since the February earthquakes that struck Turkey and Syria, an estimated 5.9 million USD of cryptocurrency donations have been made to aid in the affected areas.
The Turkish Ministry of Interior's Earthquake Humanitarian Aid campaign, Turkish Red Crescent, Save the Children, and Project Hope have all received cryptocurrency-based donations. Additionally, major crypto exchanges such as Binance, Bitfinex, OKX, and KuCoin have donated more than 9 million USD to support the victims.
To monitor crypto-based donations supporting disaster relief efforts in Turkey and Syria, Chainalysis uses a combination of human intelligence and proprietary heuristics to identify and monitor flows to cryptocurrency services, including organizations accepting donations and scams that attempt to divert donations from unsuspecting supporters.
Blockchain technology enables recurring donations. Save the Children received Ethereum donations from NFT sales, some of which programmed future donations through the smart contract feature of specific NFTs. Roupell also pointed out that cryptocurrency donations to charity have tax benefits in the United States, leading to an increase in donations at the end of the financial year.
Additionally, crypto donations are usually higher than fiat donations. However, downside is the anonymity of most cryptocurrency donors, making it difficult to acknowledge and thank them for their contributions.
Sources:
https://cointelegraph.com/news/crypto-donations-amplify-speed-and-global-reach-during-crisis