The Gemini crypto exchange, founded by the Winklevoss brothers, is expanding its activities through a partnership with The Giving Block.
Namely: Gemini provided customers with the opportunity to donate cryptocurrency to over 100 non-profit organizations around the world through The Giving Block.
The Giving Block has been working with Gemini for over two years now, but the cryptocurrency donation feature is new and was only publicly launched this week.
Gemini decided to help charities collect bitcoins and other cryptocurrency donations
Recall that cryptocurrencies and charity are compatible concepts. The fact of the matter is that some people really got seriously rich on the rise in coin rates thanks to early investment in them. In some cases, the fortune was so large, that owners declared their inability to spend the entire amount.
Against this backdrop, Gemini decided to help charities collect bitcoins and other cryptocurrency donations.
Gemini want as many people as possible to join them on this mission. To do this, Gemini provide them with the opportunity to make donations in the form that suits them.
Thus, donations will be accepted in all cryptocurrencies available on the Gemini exchange.
In total, The Giving Block partners with over 130 non-profit organizations, in favor of which you can make a donation through the Gemini mobile app or Gemini desktop platform.
Moreover, The Giving Block are going to cooperate with many other organizations, in the same way as with Gemini.
The Giving Block reviews all nonprofits they work with to ensure they are legitimate and using funds effectively. All crypto donations go directly to nonprofit wallets and can be converted into US dollars so they can use the funds immediately.
Initiatives like these, of Gemini, benefit the reputation of Bitcoin and other cryptocurrencies. However, opponents of blockchain assets regularly position them as tools for scammers, hackers and others.
In this case, it becomes obvious that the potential of cryptocurrencies is much wider than just being the unit of payment for ransoms after hacks and something like that. With its help, you can change the world for the better. And Gemini became one of these assistants. Moreover, this is not taking into account the decentralization, transparency and independence of coins from governments and officials.
Why charities need cryptocurrencies and blockchain
Blockchain and cryptocurrencies can help solve many of the problems inherent in charity, making this sector transparent and efficient. So, the developments of the crypto industry can help in the following areas of charity:
– Tracking donation expenditures. Cryptocurrencies allow you to track each transaction. To clarify: information about how money is spent, and if reached the recipient, is recorded in the blockchain. This allows you to control the work of charitable organizations and makes it more transparent);
– Direct donations. Cryptocurrencies allow you to transfer funds directly to the organization’s crypto wallet without involving third-party services);
– Savings on transaction costs. Commissions for transfers of cryptocurrencies are much lower than in the traditional financial system, and the transfers themselves arrive faster. Even for the saved several percent, charities can do a lot for those who have nothing);
– It is easy to donate to other countries. It is also important that cryptocurrencies allow to transfer donations to any jurisdiction from any country with minimal fees and without currency control. This is convenient, since some countries have restrictions on cross-border transfers);
– The opportunity to make money on the growth of the rate. By accepting donations in cryptocurrencies, for example, in bitcoin, charitable organizations actually accept a highly profitable investment asset, which, by the way, in recent years has noticeably surpassed traditional instruments in terms of profitability).
Charitable organizations are increasingly accepting cryptocurrencies, and Gemini has become an assistant in this matter. The number of donations in cryptocurrencies will grow, and the introduction of blockchain into the sector could completely change charity, increasing its effectiveness.