Making Room for Crypto in Charity

Blockchain technology is gaining momentum and the global community can now see the potential for cryptocurrency and blockchain technology to be used in social and non-profit projects. Positive developments have been seen in this space, with many projects donating part of their income to charity.

There are not many direct links between blockchain projects, nonprofits and organizations that could actually reap the benefits of this transparent technology. Baby Santa, which is a DeFi protocol makes it possible to give crypto to charity donations. Platform features include transparency and ease of use, as well as transaction speed. They also offer an opportunity for investors to make a donation to charity, while making money through their platform.

Crypto can help raise money for charities.

The Association of Fundraising Professionals stated that charity donations declined by 6% between 2015 and 2020. This resulted in a huge loss of revenue. There has been an increase of 17.2% in online fundraising over the previous year.

The possibilities for charities to raise funds have been expanded by integrating blockchain and crypto. The transparent nature of the platform has allowed for both donors and recipients to feel secure.

Many charities have begun accepting Bitcoin, Ether and other digital currencies as donations. Decentralized apps are creating channels for people to give to charities. Over $150 billion has been invested in this sector. More organizations are now looking to support the charity-incrypto movement.

NFTs are a new frontier in fundraising. They offer more than just monetary donations. NFTs have recently been used in several cases to help charities raise money. In March 2021, the Open Earth Foundation received $6 million from the sale of Beeple’s NFT for charitable artwork.

The altruistic movement made great progress and has given the charity sector transparency, inclusion, as well as a global presence. There are however some problems that still plague the charity sector.

The Industry’s Current Challenges

The main problem with cryptocurrency charity is the belief that the money will be reached. Numerous cases have occurred where funds raised through crypto-funding platforms did not reach the intended recipients and instead ended up in the wrong places. For example, members of the FaZe Clan were suspended following charges that their ‘Save the Kids’ cryptocurrency was a hoax. The token was also endorsed and supported by prominent influencers. However, it still received a lot of rug pulling.

The source verification of funds is another challenge for charity tokens. It is hard for highly-respected charities to confirm the origin funds of cryptocurrency transactions, as they are secret. If funds come from unreliable or malign sources, this could cause problems.

Crypto Charity Process Simplified by Baby Santa

Baby Santa is DeFi protocol that focuses on the aid of those less fortunate. Baby Santa Token, the native cryptocurrency on the platform, is intended to support the development of charitable utility.

Baby Santa is an initiative to help the less fortunate and encourage donors to contribute more. Baby Santa is a revenue-generating platform where the profits can be distributed towards the poor. In addition to generating income, the project also benefits investors. Investors can earn additional income by receiving BUSD rewards. Holders will also have the option to compound earnings through Baby Santa’s Workshop Pools. Additionally, it will collect stake funds through staking tax and buybacks. These will then be distributed to tokenholders.

Baby Santa will host a 12-day Christmas NFT lottery. Users will be selected by creating a seasonal NFT during the Nutcracker NFT Mint Event. This NFT mint’s proceeds will go to charities and organizations that are most in need. Baby Santa will also have NFTs made under different names, so that the money raised will go to specific causes.

The platform will also have a store selling merchandise, whose profits will be donated to people in need. The platform will also offer clothing lines with seasonal themes. This will promote the project as well as empower the charities programs which will continue to be active throughout the year.

Stepping towards a more charitable future

It was not easy to establish charitable intent. There have been many challenges due to a lack trust and transparency. The introduction of cryptophilanthropy and blockchain has produced some positive outcomes. Baby Santa is the gift of giving and spreading Christmas cheer all year.

Get more Crypto News at CFX Magazine