Blockchain For Impact (BFI), a charity founded by Sandeep Nailwal, co-founder of Polygon, is setting new standards in philanthropic endeavors by committing $90 million to enhance biomedical research, drive innovation in healthcare, and fortify climate resilience. This strategic investment not only fosters the growth of healthcare startups but also demonstrates the potential of blockchain technology in revolutionizing charitable initiatives.
The vision of BFI includes an ambitious pledge of an additional $200 million aimed at broadening support for biomedical research and strengthening public health infrastructures. Notable projects backed by BFI include Solar-Powered Public Health Centers in India, a floating hospital in Assam designed to assist flooded communities, and collaborative efforts with UNICEF during the COVID-19 pandemic.
According to Sandeep Nailwal, the incorporation of blockchain enables a level of transparency and accountability in philanthropic efforts that was previously unattainable. “All donations received by BFI can be tracked via blockchain. While the final transfer to non-profit programs occurs through traditional banking channels, every financial transaction remains transparent on our platform. Charity stakeholders can independently verify all disbursements, reinforcing trust in the donation process,” said Nailwal.
“This shows up in the results: 96% of healthcare workers say care has improved, and vaccine wastage dropped 83% due to consistent refrigeration during the COVID-19 response,” he added.
Recent data from The Giving Block underscores the exponential growth of crypto philanthropy, with BFI’s contributions representing 9% of all cryptocurrency donations recorded globally in 2024. This rise aligns with the transformative capacity of digital currencies to enhance both transparency and efficiency in the allocation of charitable funds. Currently, over 70% of the top 100 charitable organizations in the United States have begun accepting cryptocurrency donations.
Embracing the Future: Global Charities and Cryptocurrency Donations
As the charitable sector increasingly embraces cryptocurrency donations, the advantages of blockchain technology—namely its public traceability and reduced transaction costs—become ever more apparent. Global organizations such as the UK Red Cross and the Singapore Red Cross are among the leaders in adopting crypto donations. Save the Children, another notable nonprofit, has reported $8.6 million in cryptocurrency donations during its fundraising efforts.
The Given Block’s recent partnership with Gemini also emphasizes the growing need for secure and compliant solutions within the nonprofit sector. With the growing presence of artificial intelligence, the integration of advanced security protocols aims to further fortify crypto in philanthropy.
The potential for crypto donations to increase charitable revenue appears promising. Studies indicate that nonprofits exhibiting high levels of transparency tend to experience a 53% increase in contributions in the subsequent year, underscoring the correlation between donor trust and revenue generation.
As cryptocurrency usage expands, various organizations are anticipated to follow in BFI’s footsteps, creating an environment that encourages the acceptance of crypto donations. Projections suggest that by 2035, crypto donations could potentially reach an astonishing $89.27 billion, representing a significant shift in the landscape of charitable giving.
Additional reporting by Zoltan Vardai.
Magazine: Crypto is changing how humanitarian agencies deliver aid and services
