[Blockchain Today Reporter Park Yohan] Two unrelated cryptocurrency projects raised a total of more than $3 million for charitable donations this month, highlighting the possibility of digital assets contributing to mission-based nonprofit organizations around the world.
According to Cointelegraph reports, the cryptocurrency project’Elongate’, which started as a parody of Elon Musk’s mention of the Watergate incident, raised $2 million for various food and comprehensive support programs through the Human Relief Foundation and Give India. The latter is Corona 19 relief efforts in South Asian countries following a massive surge of new infections.
Among these, the organizations that contributed the most to Elongate were Children International, Action Against Hunger, Ocean Cleanup, Big Green, and Human Relief Foundation. , Donation India (Give India).
Hasan Aziz, CTO of the project, said, “In just one month, Elongate’s ecosystem has changed the face of the philanthropic and cryptocurrency trading front.”
Elongate announced that it will start trading tokens at BitMart on May 10th (local time). Although Elongate started out as a meme, it emerged as a major player in the cryptocurrency-based charity market. The project is said to have more than 400,000 owners worldwide.
Meanwhile, DeFi Project Munch has raised more than $1 million to support various sectors of developing countries through the GiveWell Maximum Impact Fund. Over the past few years, the Maximum Impact Fund has allocated tens of millions of dollars to combat malaria and other diseases in Africa.
The Munch project was able to be financed through ETH transaction fees for all buy and sell orders made on the platform. The transaction fee was 10%, distributed evenly to token holders and charities.
The cryptocurrency community is stepping up to allocate wealth for good cause. Donation Block launched a new charity project that encourages community members to donate more than 1% of their cryptocurrency possessions to charities each year. Several renowned cryptocurrency industry veterans are already participating in this initiative.
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