Fidelity Charitable’s current year’s donations in digital assets have reached four times above the former record made in 2017. Fidelity Charitable (the United States’ largest grantmaker) is reported to have crashed all of its previous records regarding crypto donations acquired by the institution. After the 2021’s start, the company has adopted almost $274M in virtual assets.
Crypto donations broke the records
City A.M. (a British newspaper about business) reported the news. While remembering the donations’ speed, they have the chance to even cross the $300M milestone up till this year’s end. The noteworthy point is that the former record of Fidelity Charitable for these contributions was made in 2017 as many people as well as bodies donated up to $69M to the institution in digital assets. It indicates that 2021’s early eleven months have shown four times better productivity than the complete record year.
Other than the Fidelity Charitable, some organizations also attained substantial crypto donations during 2021, as was the case with Ungiven (a crypto exchange). Previously this year, the company accepted just one donation of up to $10M worth in Bitcoin, which was afterward gifted by it to an unidentified faith-based group. Nonetheless, the National Council of Nonprofits’ Chief Operating and Communication Officer, Rick Cohen, stated that the crypto industry is much volatile for minor charity bodies to initiate accepting these donations and they require discovering the demand of their donors.
Other instances of crypto donations
As reported in recent months, Nicklaus Children’s Hospital organization permitted people to make their donations in virtual assets. The non-profit charity entity centered on providing children with better healthcare began accepting from the largest cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dogecoin. Included in some of such well-known instances of these contributions is the decision of Buterin to gift Shiba Inu tokens having worth of up to $1B to the Covid Relief Fund of India. Previously in May, the Co-Founder of Ethereum stated that the pandemic of coronavirus has caused serious issues for the whole world and suggested that some planning should be done regarding the long-term future.
Nevertheless, the fund’s creator (Sandeep Naiwal) disclosed that cashing out the respective tokens was not an easy task as the transactions had to fulfill the controversial policies of the Indian government along with some liquidity problems. Adequate distribution of the funds was similarly tricky because the COVID-19 pandemic prevailed across the nation, said Nailwal.