Saturday, September 23, 2023
  • According to a report titled “Crypto Payment Gateway Market,” in 2021, the crypto payments gateway market attained a valuation of $1 billion.
  • Experts estimate the market’s value will exceed $5.4 billion by 2031, growing at a CACG of 18.7% from 2022 to 2031.
  • Kenya digitally transacted 87% of their total GPD during the pandemic.

The world of Web3 has grown exponentially throughout the years. It has extended beyond the standard financial system into other sections. As a result, many organizations have adopted blockchain systems to keep up with the wave of digital transformation. Among this rising trend, crypto payments have become common among various agencies. Top financial institutions like MasterCard, Visa, and other leading financial systems have adopted such technology to shift their industry into the new era of digital assets.

Through this rising trend among organizations, several have taken advantage of the opportunity to introduce the world of digital currency into the charity sector. In the past, for half a decade, web3 charity works have gained many audiences among non-governmental organizations. 

Despite the recent crypto crash, the value of the market has recently improved. This makes more charity organizations adopt credit payment systems to expand their reach within this digital era. This article will highlight the top three organizations that usher in a new generation of web3; crypto donations.

The rapid adoption of new payment systems ushered in crypto donations.

According to CoinGecko, the crypto market’s current value is $1.23 trillion. Since 2009, the crypto industry has grown and expanded beyond its sector. Many claims that the crypto market is the first among the multiple success of the ecosystem. Through the practical functionalities of its underlying distributed ledger system, developers manage to stretch the application of crypto.

It was through cryptosystems that the entire concept of Web3 came to be. Its immutable and decentralized nature inspired many to apply the same technology in several other sectors, like Agriculture, insurance, the medical sector, and many more. It also inspired the fintech industry, the fastest-growing economic activity in the world. 

Crypto was the drop that rippled throughout the entire industry, expanding our understanding of the web3 industry and how blockchain technology functions. With many flooding, the industry organization took a direct approach and heavily invested in creating a sustainable crypto payments system. 

Also, Read Crypto cushions Turkey & Syria from the earthquake aftermath.

The franchise grows with more organizations accepting crypto as a payment form. Organizations like Netflix, Microsoft, ExpressVPn, and other top companies have implemented crypto payment systems. According to a report titled “Crypto Payment Gateway Market,” in 2021, the crypto payments gateway market attained a valuation of $1 billion.

The report further stated in two decades, crypto or blockchain payments stems will become a mainstream system for most commercial organizations. Experts estimate the market’s value will exceed $5.4 billion by 2031, growing at a CACG of 18.7% from 2022 to 2031. Several top organizations have significantly aided in this growth. A few include Binance, Coinbase, BitPay, Circle Internet Financial Limited, Coinbase, Coinomi, Coinremitter, Cryptopay Ltd., NVIDIA Corporation, etc.

These organizations have strived to make the crypto payment system a standard payment form for most services. Their efforts were not in vain, as the system has attracted plenty of organizations within the charity sector. Web3 charity work today is common, but we will only focus on the top three organizations that made crypto donations as a standard system.

The top three are organizations accepting crypto donations.

It only took several years before Bitcoins outpaced standard fiat currency. Its value continued to drop jaws as it broke record after record. After attaining its highest value, $64000, the digital currency became a common terminology within the tech industry.

Soon, entities within the charity sector saw an opportunity to expand their services to accommodate this lucrative currency. Web3 charity world is still an upcoming activity, with the ecosystem’s fame recently peeked. Initially, many saw this approach as reckless, given the highly volatile nature of the currency.

Fortunately, he did not deter many organizations from exploring web charity work, and crypto donations have soared. In fact, with the recent Russia-Ukraine war, many charity organizations have urged the community to aid refugees with crypto donations, receiving support amid the market’s crisis.

UNICEF CryptoFund

Among the first and most prominent participants of web3 charity works is UNICEF. This international organization launched the UNICEF CryptoFunds in October 2019 as the first-ever crypto-denominated financing vehicle within the UN. It is the first organization to directly receive digital currency without converting it to fiat.

UNICEF-CryptoFund

UNICEF Crypto Fund was among the first system to accept crypto donations.[Photo/UNICEF]

During the CryptoFund’s Launch, the world had been turned upside down by the Covid pandemic. It affects crippled several governments and shattered the effort of several developing economies. Fortunately, digital payment systems gained much attention due to their reachability and convenience.

Also, Read the 2022 bear market, a haven for opportunities for Africa’s crypto market.

According to a report, during the pandemic, Kenya digitally transacted 87% of their total GDP. This trend rippled across Africa and the Globe, with more individuals seeking the crypto market as a means of survival. UNICEF’s Office of Innovation explored this trend and concluded that digital currency would soon outpace standard financial systems. As a result, the concept of crypto donation sprung into the minds of their innovators, leading to the founding of the CryptoFund sector.

The CryptoFund has created plenty of opportunities and unlocked new resources for its benefactor. The market had positively taken this support and significantly participated in their initiative. Through crypto donations, UNICEF has increased the efficiency and transparency of investment. Furthermore, 100% of the donations are fully viewable, and the transfer of assets within minutes. Their initiative through web3 charity works soon inspired others to take the mantle and dive into crypto donations as a resource option.

Electronic Frontier Foundation

The Electronic Frontier Foundation is an international non-profit digital rights group. John Gilmore, John Pery Barlow, and Mitch Kapor founded the organization in 1990 to promote internet civil liberties. At the time, the Internet was still highly dependent on Web1 technology as it steadily researched new technology that would usher in Web2.

Electronic-Frontier-Foundation

Electronic-Frontier-Foundation has advocated for the legal protection of technology and has played a crucial role in the evolution of technology since the 1990s.[Photo/Medium]

Since its founding, the EFF has pro video finding for legal matters and organizes political acts agents, technology, and legislation infringing on personal Liberties online. In a nutshell, the EFF has supported the emergence of new technology, preventing any single entity from infringing on its primary system.

The EFF has gone toe-to-toe with plenty of organizations to defend any legal prosecutes against technology. Among its major cases was  Bernstein v. United States, led by Cindy Cohn. According to the case, the programmer and professor Daniel Bernstein sued the government for permission to publish his encryption software Snuffle. The EFF has quite a reputation and holds much influence within the tech world. Then, when the international organization introduced crypto donation, it significantly aided the entire market.

Also, Read Jia Fintech, an Africa and Asia-focused fintech company raises a $4.3 million seed fund.

The EFF partnered with BitPay to introduce a crypto payment system accepting the standard array of digital currency. This new feature became a resource for the organization and a means to assist other organizations. Its Cryptocoin Donation has assisted several organizations in sustaining crucial legal work, activism, and technological development.

The EFF has consistently advocated for the evolution of technology, and thus, web3 charity works were no exception. Despite the company heavily focusing on the legal side of technology; its crypto donations are viewed as a form of support for the entire ecosystem.

The Royal National Lifeboat Institution

The Royal National Lifeboat Institution(RNLI), or UK’s Fourth Emergency, Service is a well-known UK-based charity organization with a long line of achievements. The RNLI made headlines throughout the entire crypto market after it officially announced its crypto donation feature, becoming the UK’s first major charity in the UK to accept crypto. The organization has dominated the charity sector since 1824 and has aided multiple services communities worldwide. According to 2013 statistics, the charity’s 400-strong fleet rescues 23 individuals per palavering to a total of at least 140,000 lives.

The RNL launched a crypt donation program that accepted Bitciij and had a complete wallet address and QR code. According to charity organizations, the growing rise of the crypto payment system inspires organizations to venture into the rising industry.

LifeboatsBlue

The Royal National Lifeboat Institution(RNLI), or UK’s Fourth Emergency, Service has gained a reputation for its services and ability to accept new technology.[Photo/Medium]

They further stated that the use of digital currency is rising, and they intend to dominate the crypto donation sector, thus launching the pit program back in 2014. Leesa Harwood, RNLI Deputy Director of Fundraising and Communications, said, “Bitcoin is a new kind of currency, and we believe that accepting Bitcoin will result in donations we may not otherwise receive, as well as connecting us with new types of supporters.”

During the launch of its pilot version, she added, “This is a pilot scheme, and we are looking forward to seeing how it will proceed as part of our interest in cryptocurrencies and how they may work in the future. We will, of course, closely monitor how much money is donated. We already have safeguards in place to monitor donations. However, we receive them.

Since then, RNLI has continued to accept crypto donations, significantly implementing their system while adding millions of lives.

Conclusion

Crypto donations are a rising concept in the charity sector. With the crypto payment system becoming more mainstream, it’s only a matter of time before it solidifies its lace with the financial sector. Other organizations that accept crypto donations include; Rainforest Foundation, The Giving Block, Tor Project, and Save the Children Foundation.

Web3 charity works have painted a positive picture of the entire community. Its transparent, fast, and efficient systems have caught the eye of many investors, increasing the ecosystem’s adoption rate.

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