Governments and regulators might be against cryptocurrencies, but what cannot be denied is the amount of donations that cryptocurrency teams give to the underprivileged. Not many realize that blockchain-powered cryptocurrencies have helped finance communities using the right channels.
The formalities required to open a bank account these days, such as registration documents and addresses, have many kept people in need of financial aid out of receiving donations. CryptoDaily gives a special mention to a company called GiveDirectly. GiveDirectly has made the process more convenient by allowing donors to donate directly to people who need it and accepting the contributions in Bitcoin, Ripple and Ethereum.
The transparent nature of Cryptocurrencies allows them to be traced if it’s in the right hands, and people with no traditional bank accounts are able to receive it thanks to cryptocurrencies being accessible without KYC documents.
According to The Chronicle of Philanthropy one in three Americans believes that these institutions spend too much money on overheads and too little to help the ones in need. With Blockchain technology, operational costs are reduced drastically, allowing more money to be given overall.
Digital currencies are being created for the sole purpose of philanthropy. Cointelegraph had honored Clean Water Coin, a Digital Coin which has been specifically created to ensure clean water is provided to families around the world.
One important business principle is giving back to society. Cointelegraph reported today about Ripple donating $29 Million of its own XRP to support public schools in the US. This has helped to fulfill over 35,000 funding requests from teachers via the DonorsChoose charity fund. This will equip more than 30,000 classrooms with books, and fulfil stationery and technological needs for almost one million needy students.
These XRP donations will be converted into US dollars to ensure that volatility does not affect the sum of money given. The Ripple team deserves a pat on the back, as it is reported to have the largest donation of cryptocurrency. This will ensure other cryptocurrencies follow their footsteps in helping the underprivileged.
Ripple is not the only cryptocurrency to help in philanthropy. Today Crypto Gazette released an article about another good deed from a different cryptocurrency team. OmiseGo (OMG), a Blockchain startup, along with the founder of Ethereum Vitalik Buterin, gave $1 million in cryptocurrency to a refugee charity called Give Directly. This $1 million donation could change the lives of 12,000 Uganda refugees.
With this move, Ethereum creates goodwill for the future. When the OMG token, which is currently ranked 21st on coinmarketcap.com with a total cap of $868 million, picks up speed and attracts investors, OMG could become the official Cryptocurrency responsible for channeling funds to Give Directly and helping refugees all over the world.
In conclusion, blockchain-powered companies and digital currencies are doing their best, in an effort to give back to those who need it in the best manner possible.
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