Blockchain For Impact (BFI), a charity established by Polygon co-founder Sandeep Nailwal, has committed $90 million to advance biomedical research, driving healthcare innovation, and enhancing climate resilience — a development that could spur blockchain’s adoption for charity initiatives.
The Polygon co-founder’s BFI plans to allocate an additional $200 million to support the growth of healthcare startups, expand biomedical research, and strengthen the public health systems.
BFI has backed several impactful projects in India’s healthcare sector, including Solar-Powered Public Health Centers (PHCs), a floating hospital in Assam to aid communities in flood-prone areas, the UNICEF Healthcare Innovation Partnership, and relief funding during the COVID-19 crisis. Their further initiatives will place a greater emphasis on healthcare innovation and research.
Incorporating blockchain technology can make philanthropic efforts more transparent and accountable thanks to the ledger’s verifiability, according to Sandeep Nailwal, Founder of Blockchain for Impact and co-founder of Polygon.
Nailwal told Cointelegraph:
“All donations received by BFI can be tracked through blockchain. While the final transfer to non-profit programs happens through a bank, every financial step is transparently displayed on our website. All financial data can be visualized, and we publish NGO details, allowing anyone to independently verify the disbursements.”
“Separately, the $68 million we channeled for COVID-19 relief in India, including $15 million to the Government of India through UNICEF for 128 million syringes during COVID-19, followed the same approach,” said Nailwal, adding:
“Anyone, be it donors or communities, can see where the money goes. This shows up in the results: 96% of healthcare workers say care has improved, and vaccine wastage dropped 83% because refrigeration is steady.”
Source: The Given Block Annual Report
According to The Giving Block’s report, BFI exemplifies the rapid growth of crypto philanthropy, with its $90 million in donations representing 9% of all cryptocurrency contributions tracked globally in 2024.
This surge aligns with the transformative potential of digital donations to enhance transparency and efficiency in fund allocation. The same report reveals that over 70% of the top 100 US-based charities now accept crypto.
Related: Crypto giving exceeded $1B in 2024 — Report
Global charities are embracing crypto donations
Charitable organizations are increasingly embracing cryptocurrency donations, thanks to the transparency of the blockchain ledger, which makes donations publicly traceable and reduces the transaction fees of charitable transactions compared to fiat-based donations.
Beyond just the US, charities across the globe embrace crypto donations, including large charities like the UK Red Cross and Singapore Red Cross. Save the Children, a leading international nonprofit organization, disclosed that they had received $8.6 million in crypto donations so far.
Source: Save The Children Website
As cryptocurrency adoption grows, so does the need for secure and compliant solutions for nonprofits. The Given Block announced its partnership with Gemini on March 13. The organization thinks artificial intelligence can help make crypto in philanthropy more secure.
Crypto donations have the potential to enhance charitable revenue. A report from Fast Company found that nonprofits with a strong track record of transparency experienced a 53% increase in contributions on average the following year compared to organizations lacking such transparency. As donation transparency improves, donor willingness to contribute also increases.
As the crypto market continues to grow, crypto donations are expected to be increasingly accepted by more organizations. The Giving Block estimates crypto donations in 2035 would be approximately $89.27 billion.
Additional reporting by Zoltan Vardai.
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