Save the Children launches Bitcoin fund
Save the Children recently introduced a novel approach to facilitate rapid aid distribution by setting up a Bitcoin fund. This initiative allows for cryptocurrency donations to be stored for a maximum period of four years. The nonprofit organization plans to hold Bitcoin and various other virtual assets within the fund.
One of the primary motivations behind the establishment of the Bitcoin fund was to address the challenges posed by traditional banking systems. Save the Children noted that these systems often present barriers that can hinder or restrict access to aid deliveries, especially in regions affected by natural disasters or global conflicts.
Antonia Roupell, the innovation and partnerships lead at Save the Children, highlighted the shifting landscape of funding in the past year. With international aid budgets shrinking, the nonprofit saw the adoption of cryptocurrency as a viable solution to accelerate its humanitarian efforts. Roupell emphasized the significance of diversifying funding sources beyond government and institutional donors, stating, “The timing for our Bitcoin Fund is based on three main factors: our track record pioneering crypto giving and our desire to deliver maximum impact for children; years of listening to the Bitcoin and crypto community, donors, and technical partners like Fortris; and the detrimental impacts of foreign aid cuts, a reminder that we need to diversify our dependence on government and institutional donors.”
In a statement to technology publication Decrypt, Roupell underlined the importance of embracing disruptive innovation, transparency, and proof-of-work to enhance the efficiency and effectiveness of philanthropic endeavors. This forward-thinking approach aligns with Save the Children’s commitment to harnessing technology and emerging trends to optimize its impact.
The adoption of cryptocurrency for philanthropic purposes is not exclusive to Save the Children. Dubai recently approved the use of cryptocurrency for donations to charities and nonprofits. The Dubai Department of Islamic Affairs and Charitable Activities has introduced a service that allows for donations through cryptocurrencies and virtual assets. This move is part of Dubai’s broader strategy to position itself as a key player in philanthropy on a large scale.
The ongoing trend of leveraging cryptocurrency for charitable contributions underscores the evolving nature of philanthropy and social investment. By embracing digital currencies, organizations can streamline aid distribution, enhance transparency, and reach a broader audience of donors. As the landscape of philanthropy continues to evolve, innovative approaches like cryptocurrency donations are poised to play a significant role in driving positive change and addressing pressing humanitarian needs.
