The way charities are able to raise funds has changed since the inception of blockchain technology and the increasing adoption of cryptocurrency. Now, a number of charities and fundraisers are able to receive donations in cryptocurrency. One UK charity has revealed that last year they received over £100,000 in crypto donations.
The Children’s Heart Unit Fund (CHUF) is a voluntary charity based in Newcastle upon Tyne that supports children and families who receive treatment at the children’s heart unit at a number of hospitals in the north of England.
CHUF relies primarily on charitable donations from individuals, companies, trusts, and organizations. The charity is one of the few charities in the UK that accepts donations in cryptocurrency, and recently received a donation of £70,000 in crypto, which is thought to be the largest donation made in cryptocurrency in the UK.
Charlotte Campbell, Head of Fundraising at CHUF commented on the charity’s recent partnership with The Giving Block, a crypto company that helps charities accept crypto donations through their cryptocurrency donation solution:
“As a small charity, you have to be brave when it comes to fundraising, now more than ever. After a lot of research, we decided to partner with The Giving Block, a platform which allows us to accept cryptocurrency donations safely and easily.”
The Giving Block helps charities around the world raise cryptocurrency donations, while providing them with a number of benefits including being fully tax compliant and a number of marketing campaigns.
In recent years the charitable sector has woken up to the benefits that accepting donations in cryptocurrency can bring, however as it stands only a handful of UK charities accept cryptocurrency donations. Concerns surrounding regulation, fraudulent activities, and the high number of crypto scams are factors that deter some charities from considering accepting crypto donations.
However, CHUF believes that the charitable sector must adapt and keep up with changes in the financial system:
“As a sector we must be bolder and more curious when it comes to new technologies, if we want to continue to thrive then we have to adapt to new ways of fundraising. The cryptocurrency world moves so fast, which can be unnerving to some charities, but its also incredibly exciting. The crypto community has really embraced us as one of their own and we are incredibly grateful to be able to work with people who are so passionate about having a positive impact on the world.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.