It's time for the philanthropic sector to embrace digital currencies

The number of cryptocurrencies on the market grew from 500 in 2014 to almost 7,000 just seven years later, in October 2021. A report 14% ...

The number of cryptocurrencies on the market grew from 500 in 2014 to almost 7,000 just seven years later, in October 2021. A report 14% of people in the United States – which equates to roughly 21.2 million people – have purchased some form of cryptocurrency, with over 300 million crypto owners globally.

It’s clear: cryptocurrency is here to stay, and its path to global recognition and success is just beginning. I have already explained how and why innovative longevity and biotech sectors should cooperate with digital currency visionaries to perpetuate their work. Crypto founders, CEOs and buyers are already breaking down barriers and contributing to a more decentralized future in their daily lives. By enabling individuals to access various assets and investment opportunities outside of traditional financial offerings, the cryptocurrency industry is creating a future built with innovation in mind.

I see no reason why this innovation should remain locked in these tech-driven industries – the philanthropic world can and should benefit as well. Accepting crypto donations is a simple first step that demonstrates to the wider community that an organization recognizes its importance and is ready to embrace disruptive technology.

Philanthropic initiatives

Several philanthropic initiatives in our field of longevity have already done so. The SENS Research Foundation is a leading longevity research organization that aims to research, develop and promote comprehensive solutions for diseases related to aging. By informing the general public about new advances and by attracting knowledgeable donors, the SENS Foundation supports projects aimed at curing heart disease, cancer and Alzheimer’s disease. Notably, he has made cryptocurrencies an integral part of his operations. SENS accepts donations made in 72 different cryptocurrencies ranging from Bitcoin (BTC) and Ether (ETH) to Dogecoin (DOGE) and Aave (AAVE).

In 2018, Vitalik Buterin donates $ 2.4 million in ETH at the Foundation, and other crypto visionaries have followed suit. Richard Heart, the founder of HEX, launched a drop in partnership with SENS that called on users to donate some of their cryptocurrency and enter to win Heart’s new PulseChain cryptocurrency. The PulseChain airdrop has raised over $ 25 million to support the work of the Foundation, clearly proving that the collaboration between cryptocurrency and longevity can be an incredibly powerful tool.

Related: Cryptocurrency Can Really Make a Difference in Helping People

I would be remiss if I neglected the new scientific foundation of longevity, which I am helping to lead. We accept donations in all major cryptocurrencies and plan to work closely with leaders in the crypto industry to create a decentralized and transparent mode of funding. Because all donors, including crypto leaders, are given the right to vote in Foundation funding decisions, the Foundation is committed to supporting projects that reflect the most visionary ways of seeing the world.

But of course, accepting cryptocurrency donations is not a phenomenon limited to longevity associations and foundations. Other founders and fundraising teams are realizing the incredible power of cryptocurrency and the decentralization it offers. For example, The Giving Block provides tools for any nonprofit to accept cryptocurrency donations and to make it easier for philanthropists to donate in their preferred digital currency to over 400 organizations like the American Cancer Society and No Kid Hungry.

Several other nonprofits around the world, including St. Jude Children’s Research Hospital and World Relief, are following suit. While these global entities known for their charitable work and admirable goals can embrace cryptocurrency and the donors who support it, so can other nonprofits.

Related: Digitization of charity: we can do better to do good

Call to action

It is time for the philanthropic and nonprofit sectors to realize the potential of digital currencies. Longer human lifespans and many other important advancements are within our grasp, but the support of various industries and minds is essential.

Adopting crypto industry principles, such as decentralization and tokenization, can enrich these foundations and modernize their operations, while accepting cryptocurrency donations, will help ensure that innovators and players in the change can contribute to major breakthroughs. Together, we can build a better future with all the tools (and currencies!) At our disposal.

The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Garri Zmudze is a managing partner of LongeVC, a venture capital firm based in Switzerland and Cyprus that accelerates innovative startups in biotech and longevity. He is a seasoned business expert and angel investor with several successful exits in biotechnology and technology companies. He is a long-time supporter and investor in biotech companies including Insilico Medicine, Deep Longevity and Basepaws.