Canada Cryptocurrency donations increase – The blockchain analytics company Chainalysis calculates that about $5.9 million in cryptocurrency donations have been made to fund relief efforts in the area after deadly earthquakes struck regions of Turkey and Syria in February.
The Turkish Red Crescent, Save the Children, Project Hope, and the Earthquake Humanitarian Assistance campaign of the Turkish Ministry of Interior have all benefited from bitcoin donations. Canada Cryptocurrency donations increase speed and global reach A number of cryptocurrency exchanges, including Binance, Bitfinex, OKX, and KuCoin, have contributed more than $9 million to help the local victims.
contacted Chainalysis to clarify the methods used to track cryptocurrency donations helping the Syrian and Turkish humanitarian efforts for natural disasters.
In order to discover and track flows to bitcoin services, Chainalysis’s head of research Kim Grauer stated the company combines human intelligence obtained by its specialists with proprietary heuristics. This comprises charities that take donations and con artists who have attempted to steal money from unwary donors.
For immediate financial help in times of crisis, Grauer thinks that the speed of transactions and the worldwide character of bitcoin transactions are important.
Since it is international, immediate, and liquid, cryptocurrency is a perfect tool for generating money and transferring it to where it is most urgently required.
Another compelling reason for the usefulness of cryptocurrencies in facilitating donations and relief after catastrophes and big emergencies, according to Grauer, is the capacity to precisely monitor blockchain data:
A special advantage of cryptocurrencies is the openness of blockchains, which enables humanitarian groups to track donations and law enforcement authorities to spot and follow dubious schemes looking to profit during emergencies.
Save the Children’s Web3 operations head Antonia Roupell revealed to Cointelegraph that the charity initially took Bitcoin (BTC $23,355) as a mode of payment after the 2013 typhoon Haiyan devastated the Philippines.
This has persisted throughout the organization’s efforts to aid earthquake victims in Turkey and Syria. When compared to donations made in fiat currency, Roupell cites a number of advantages of crypto-based donations.
Because so many of our cryptocurrency contributors are brand-new supporters of Save the Children, crypto has given us access to a sizable and expanding supporter base.
Roupell claims that recurring donating is also enabled by blockchain technology. A number of Ethereum contributions were made to Save the Children in 2021 from the sales of nonfungible tokens (NFTs), some of which were used to code future donations using the smart contract capability of certain NFTs. Canada Cryptocurrency donations increase speed and global reach
In addition, Roupell points out that giving cryptocurrencies to charities in the US is tax-deductible, which has increased donations towards the conclusion of the fiscal year. She adds that cryptocurrency contributions
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