Charity: water, a New York-based nonprofit with a mandate to bring clean and safe driving water to developing countries, has begun accepting Bitcoin (BTC) donations through a dedicated cryptocurrency fund — a move that could help the organization attract new donors towards its initiative.
The launch of the Bitcoin Water Trust allows charity: water to receive and hold Bitcoin donations to fund global water projects through 2025, the nonprofit announced Friday. The fund’s assets will be held entirely in Bitcoin, with the intended execution of water projects also to be settled in the flagship digital currency.
“We’ve been encouraged by the overwhelming support we have seen already for the Bitcoin Trust Initiative,” said Scott Harrison, founder and CEO at charity: water, adding:
“By establishing this trust, we aim to harness the transformational power of this generational digital technology to make a lasting social impact, and in the process to provide a potential model for other charities who are working to do the same.”
One of the fund’s most prominent donors is professional skateboarder Tony Hawk, who’s backed charity: water for more than a decade. “I’m honored to support the Bitcoin Water Trust, and I believe Bitcoin has serious potential for charitable growth,” he said.
Charity: water has tapped 100 visionaries to donate at least 1 BTC in order to meet its lofty goal of collecting at least 100 BTC. The first 50 BTC in donations will be matched by Bitcoin entrepreneurs Tyler and Cameron Winklevoss. The fund’s other preliminary members include some of the most recognizable names in crypto, such as Mike Novogratz, Barry Silbert, Anthony Pompliano, Meltem Demirors, Cory Klipstein, Yoni Assia, Bill Miller, David Marcus and Ayesha Kiani.
Crypto-focused charities have exploded in popularity in recent years, reflecting the mainstream’s growing acceptance of digital assets. The rise of crypto charities was recently on display when two blockchain projects, Elongate and Munch, swiftly raised over $3 million for various charitable causes. Meanwhile, The Giving Block launched a new Crypto Giving Pledge in April to ramp up industry-wide donation efforts. The American Cancer Society has also begun accepting cryptocurrency donations through a dedicated fund established in partnership with The Giving Block.