A charitable initiative known as Blockchain For Impact (BFI), founded by Sandeep Nailwal, who is also a co-founder of Polygon, has pledged $90 million to further biomedical research, foster healthcare innovation, and boost climate resilience. This move has the potential to enhance the use of blockchain in charitable activities.
BFI intends to invest an additional $200 million to promote the development of healthcare startups, broaden biomedical research, and fortify public health systems.
The organization has already supported several significant projects in India’s healthcare landscape, which includes Solar-Powered Public Health Centers, a floating hospital in Assam for communities in areas prone to flooding, a partnership with UNICEF for healthcare innovation, and relief efforts during the COVID-19 pandemic. Upcoming initiatives will focus even more on healthcare innovation and research.
Implementing blockchain technology can enhance the transparency and accountability of philanthropic efforts, as the verifiable nature of the ledger allows for greater oversight, according to Sandeep Nailwal.
Nailwal explained:
“Every donation received by BFI is traceable via blockchain. Although the final transfer to nonprofit programs is processed through a bank, each financial transaction is transparently shown on our website. All financial information is visualized, and we publish details of the NGOs involved, enabling anyone to verify the disbursements independently.”
“Moreover, the $68 million we directed for COVID-19 relief in India—including $15 million provided to the Indian Government through UNICEF for 128 million syringes—was managed in the same transparent manner,” Nailwal added:
“Anyone, whether donors or community members, can track where the funds are allocated. The results speak for themselves: 96% of healthcare workers report improved care, and vaccine wastage has decreased by 83% due to consistent refrigeration.”
Source: The Given Block Annual Report
Recent findings indicate that BFI represents the significant rise of crypto philanthropy, with its $90 million in donations accounting for 9% of all cryptocurrency contributions recorded globally in 2024.
This growth aligns with the capacity of digital donations to improve transparency and efficiency in fund allocation. Reports show that over 70% of the top 100 US-based charities now accept cryptocurrency.
Related: Crypto giving exceeded $1B in 2024 — Report
Global charities are adopting crypto donations
Charitable organizations around the world are increasingly accepting cryptocurrency donations, fueled by the transparency of blockchain, which allows for public tracing of donations and significantly lowers the transaction fees compared to traditional fiat donations.
Globally, charities of all sizes, including major organizations like the UK Red Cross and the Singapore Red Cross, are welcoming crypto donations. Additionally, Save the Children, a prominent international nonprofit, reported receiving $8.6 million in cryptocurrency donations to date.
Source: Save The Children Website
As the adoption of cryptocurrency continues to rise, the demand for secure and compliant solutions for nonprofit organizations grows. A recent partnership between an organization and Gemini, announced on March 13, highlights the potential for artificial intelligence to enhance the security of crypto in philanthropy.
Crypto donations have the ability to significantly boost charitable revenue. A report states that nonprofits with a proven record of transparency experienced a 53% average increase in contributions the following year compared to those that lacked transparency. Improved transparency in donations correlates with increased donor willingness to contribute.
As the cryptocurrency market expands, more organizations are expected to embrace crypto donations. Projections indicate that by 2035, crypto donations could reach approximately $89.27 billion.
Additional reporting by Zoltan Vardai.
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