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.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Marko Aliaksandr/Sensvector
Source: https://dailyhodl.com/2022/02/04/crypto-philanthropy-explodes-in-2021-as-bitcoin-loses-most-donated-digital-asset-crown-to-this-coin-report/