Generous investors dug deep for an average donation of $12,600 — and in a reflection of the market's stunning performance over the past 12 months, that's a 20% rise from 2020.
A whopping $2.4 million was raised during this year's Crypto Giving Tuesday — a 583% increase compared with last year.
Generous investors dug deep for an average donation of $12,600 — and in a reflection of the market's stunning performance over the past 12 months, that's a 20% rise from 2020.
And it seems like a growing number of non-profit organizations are sensing an opportunity here, too. In total, 1,017 nonprofits took part in this year's event — up 839%.
Ether was far and away the most popular cryptocurrency for making donations — accounting for more than 50% of the funds pledged. When it came to the remaining half, Bitcoin, USD Coin, Uniswap and Tezos were among the most popular choices. This particular statistic is significant — with ETH flipping BTC for the very first time.
For The Giving Block, which organizes this fundraising drive, the hard work doesn't end here. A new campaign called Bag Season has begun that aims to help a greater number of charities between now and Christmas. Co-founder Pat Duffy added:
"If we pull this off, it becomes undeniable that crypto is one of the most powerful forces for good on the planet. We're well on our way."
Another big event is set to take place on Dec. 7 — which has now been rechristened as NFTuesday. It's being described as a one-day celebration of philanthropy in the crazy world of non-fungible tokens.
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Making an Impact
One participant in Crypto Giving Tuesday was Edinburgh Dog and Cat Home.
In a recent episode of the CoinMarketRecap podcast, the charity spoke to us after receiving 26 ETH from Pawthereum, in what's believed to be the biggest crypto donation in Scottish history.
The funds — which were worth about $121,700 at the time — will ensure that the charity's pet food bank service can run for the whole of 2022.
Nicola Gunn, the director of development and external affairs at Edinburgh Dog and Cat Home, said crypto had offered a lifeline during the coronavirus pandemic, when conventional donations dried up because fundraising events had to be canceled.
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