CoinGecko recently revealed that they were teaming up with The Giving Block, a crypto-based donation platform. Users of CoinGecko will now be able to donate their Candy Rewards to deserving non-profits. During a time when charities have been devastated by COVID-19, CoinGecko and The Giving Block are partnering in a push to help nonprofits around the globe.
Donations Using CoinGecko Candy
Candy on the CoinGecko platform is a loyalty rewards program where anyone can earn Candy points. The points can be exchanged for exclusive merchandise, limited edition items, vouchers, and more. CoinGecko is now empowering users to donate their Candy to non-profit organizations that work with The Giving Block.
Impact of COVID19 on Charities
Many financial experts have predicted that charities will be the most affected by the economic downturn due to COVID19. Most charities are already facing serious fundraising issues, and it is predicted that many of them will collapse. Even in the event that the world rebounds from the pandemic, it is still expected that individuals will cut back on philanthropy due to employment and financial standing.
How Crypto Could Help Charities
A crypto rewards system could have major impacts on how charities are funded. It is especially so during this period of economic hardship. Traditionally, reward points have been used for things such as flights and other various items. CoinGecko is now making it possible for its users to make a positive impact using their loyalty points. For instance, some of the charities that receive the funds work to empower black communities through financial inclusion or work to offer remote education services for children.
Crypto Makes Direct Donations Possible
Commenting on the issue, the CEO of CoinGecko, Bobby Ong, said:
“Cryptocurrencies have opened the possibility for humans to do good in a direct way. One of the many benefits of cryptocurrency is the ability to send value directly to those in need, changing how charity is done in a way never seen before. We’re proud to work with The Giving Block on this initiative to empower our community to be a force of good.”
Tax Incentives for Crypto Donations
The Giving Block will use this as an opportunity to raise awareness on the tax incentives of making crypto donations. According to Pat Duffy, the Co-Founder of The Giving Block:
“Millions of HODLers sell crypto at a profit each year while donating to nonprofits with a credit card, throwing away money they could be saving on taxes. Savvy investors donate stocks for the same reason. As one of the planet’s largest aggregators of crypto price data, CoinGecko is an ideal partner for us to get the word out about how we can use crypto for good, helping nonprofits and saving investors money.”
CoinGecko Users Already Making Donations
According to information disclosed by CoinGecko, there have been over $3000 worth of Candy points redeemed for charities. Some of the recipients of these funds are The Bail Project, Junior Achievement of Southern California, Ugandan Water Project, Justice Committee, Orangutan Outreach, Replate, and TeamRubicon.
The crypto community has stepped up this year when its help was needed the most. As the effects of COVID-19 continue to ravage the world, it is expected that more charitable initiatives in the crypto world will be launched.