Over $3 million for charitable contributions this month, has been raised by two unrelated cryptocurrency projects. Also the aforementioned charitable contribution buttresses the point of digital assets in helping mission-based non-profit in the world.
A cryptocurrency project that began as a parody of Elon Musk’s reference to the Watergate scandal, Elongate has raised $2 million for various food and general support programs via Human Relief Foundation and Give India. In the wake of a devastating spike in new infections, the latter is a Covid-19 relief effort in the South Asian country.
Children International, Action Against Hunger, The Ocean Cleanup, Big Green, Human Relief Foundation and Give India, among others are some of the biggest Elongate contributors.
According to Hasan Aziz, the project’s chief technology officer, he said “In just a month, the elongate ecosystem has grown to change the face of charity and crypto trading,”
Its token will begin trading on BitMart Monday, May 10, according to Elongate.
Elongate has emerged as a major player in the market for crypto-based charities, despite starting like a meme. Over 400,000 holders worldwide, are involved in the project.
Over $1 million to aid various causes in developing nations through the GiveWell Maximum Impact Fund, has been raised by DeFi project Munch. The Maximum Impact Fund has allocated tens of millions of dollars to combating malaria and other diseases in Africa, over the years.
The Munch project was able to raise the funds via Ether (ETH) transaction fees on every buy and sell order made on its platform. The transaction fee, which was 10%, was evenly distributed to its token holders and the charity.