Blockchain-based nonprofit Endaoment raised over $ 7 million for charities in its first year of operation. This is another major milestone for the ever-growing cryptocurrency donation industry.
Endaoment’s Donor Advised Funds (DAF) were distributed to more than 100 charities last year, the company said Thursday. Endaoment said it distributed about 60% of the funds donated during that period, which is well above the average of about 22% for traditional DAFs. Robbie Heeger, President and CEO of Endaoment, praised the efficiency of the on-chain technology and best practices for the high penetration rate.
Among the nonprofits that Endaoment has funded are the Committee to Protect Journalists, Carbonfund.Org, Cancer Research Institute and Jane Goodall Institute for Wildlife Research Education Conservation. As reported by Cointelegraph, the American business magazine Fortune launched a decentralized endowment fund through Endaoment in September to help freelance journalists.
The cryptocurrency market has created tremendous wealth for its early adopters. with several high profile industry veterans donating generous sums to charity. The infrastructure around crypto charities has also improved as more nonprofits can accept donations in Bitcoin (BTC), Ether (ETH), and other digital assets. Organizations like the American Cancer Society and RenPSG have already opened the door to cryptocurrency donations.
As Cointelegraph reported in May, Charitable donations of cryptocurrencies are likely to increase during the bull market as more wealth is created by buying and holding digital assets. The total market cap of cryptocurrencies hit $ 2.8 trillion on Wednesday, according to Cointelegraph Markets Pro.