A new initiative has been launched to ensure sustained donations and support for the Ukraine crisis by building on the significant rise in global charitable donations from the cryptocurrency community.
The project, created by the research and development company behind Cardano, Input Output Global, and leading Crypto philanthropy platform, The Giving Block, allows Cardano (ADA) holders to give their tokens to organisations participating in the Ukraine Emergency Response Fund, supporting humanitarian relief in the area.
The initiative is designed to draw attention to the continued humanitarian crisis in Ukraine as the war falls down the news agenda, ensuring that much needed aid still reaches organisations working on the ground. The Ukraine Emergency Response Fund is an Impact Index Fund that allows crypto donors to donate to numerous organisations that are helping with the humanitarian crisis, including Save the Children, the International Medical Corps, Forgotten Children and many more.
As part of the initiative, IOG has also donated $250,000 worth of ADA to the Ukraine Emergency Response Fund, which will be shared amongst multiple charities.
Crypto donations to charitable causes have skyrocketed in recent times, with The Giving Block seeing an over 1,500% rise in donations in 2021 ($69.6m) compared to 2020 ($4.2m). At the same time, the average cryptocurrency donation was $10,445 in 2021, 82 times higher than the average online cash donation.
Harnessing blockchain technology and crypto donations can provide a range of benefits to charities and those they are helping. The technology allows displaced people to retain their identity and personal information, while also giving them access to savings and a transferable currency when they may not be able to access funds or resources through traditional means such as banks.
Charles Hoskinson, CEO of IOG, said: “The power of blockchain and the crypto community to do good in the world shouldn’t be underestimated. Through this initiative, we are all able to provide charities with access to new sources of income which will go a long way to help the people of Ukraine in these incredibly difficult times.
“We have been to the Polish-Ukrainian border and seen first-hand the fantastic work all the charities are doing to help people affected by the ongoing war and I’m proud that now, through The Giving Block, we can do even more to help them continue to provide humanitarian relief. This doesn’t just apply to the work going on in Ukraine, but can be embraced by charitable causes going on all over the world, ensuring more money reaches those who need it faster.”
Pat Duffy, co-founder of The Giving Block, said: “We want to thank the entire team at Input Output Global for their generous donation of 500,000 ADA to our Ukraine Emergency Response Fund. This donation will be split amongst eight organisations and help thousands of people on the ground in Ukraine by providing life changing resources. Crises across the globe often require continued attention beyond early headlines and we are thankful for the crypto community’s dedication to assisting those affected.”