Cryptocurrency Projects, Charities, and New Opportunities

A cryptocurrency project called Elongate and DeFi project Munch collectively raised more than $3 million for charitable contributions in May. Two unrelated cryptocurrency projects reached great results. The history of one of them is quite interesting. Elongate was created as a parody of Elon Musk’s reference to the Watergate scandal. Elongate was able to raise $2 million for various food and general support programs via the Human Relief Foundation and Give India. The goal of Give India is to help the country devastated by the coronavirus pandemic.

Some of the biggest Elongate contributes are Children International, Action Against Hunger, Big Green, and others. In one month, the Elongate ecosystem was able to change the face of charity and cryptocurrency trading. It announced that its token will begin trading on BitMart on May 10. This cryptocurrency project emerged as a main player in the market for crypto-based charities. It also claims to have more than 400,000 holders worldwide.

Cryptocurrency community and various projects

Munch is also quite successful, as it raised over $1 million to help various causes in developing countries through the GiveWell Maximum Impact Fund. The fund allocated tens of millions of dollars to combating malaria and other diseases in Africa over the years.

This DeFi project was able to raise the funds via Ether transaction fees on every buy and sell order made on its platform. The transaction feed, which was 10%, was evenly distributed to Munch’s token holders and the charity.

The cryptocurrency community, in general, is stepping up in a big way to distribute its wealth to good causes. The Giving Block is working hard to promote crypto-based donations. Several months ago, the organization joined forces with the American Cancer Society. They established a new Cancer Crypto Fund.

Last month, the Giving Block launched a new initiative. It already sent open invitations to famous industry voices like Michael Saylor, Elon Musk, and others.

The goal of this initiative is to make cryptocurrency the most charitable industry in the world. The “Crypto Giving Pledge” encourages cryptocurrency investors to pledge at least 1% of their holdings to charities each year. In the case of crypto-related companies, the goal is to contribute 1% of their revenue toward similar causes. Users have the opportunity to join the initiative anonymously and there is no need to disclose their contributions.

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