Cryptocurrency enthusiasts have proved quite charitable, at least as far as Fidelity Charitable is concerned.
Announced today, the global charity revealed it has received $69 million in cryptocurrency donations in 2017, making it the fastest-growing asset type accepted by the firm. According to Fidelity Charitable’s annual report, the funds, which included donations in bitcoin and ether, came from 169 different donors.
The donations represent a tenfold increase since the organization started accepting bitcoin in late 2015, a figure that grew 140 percent faster than the other options (such as real estate, shares of LLCs and bags of grain) that Fidelity Charitable accepts as donations, according to the company’s vice president Amy Pirozzolo.
Pirozzolo told CoinDesk:
“It is one of the fastest growing assets that we are seeing wanting to be contributed to charity. Many people who own bitcoin or other forms of cryptocurrency do want to be philanthropic.”
But if that comes as a surprise, perhaps it shouldn’t – donations have been one of the key use cases from cryptocurrency since the beginning.
In 2013, non-profit BitGive began helping other non-profits accept donations in bitcoin and shortly after, a handful of major names announced they would trial the idea. The following year, cryptocurrency exchange Coinbase launched its own service designed to support non-profits.
Now, a cottage industry of consultants like Man on a Mission Consulting have popped up to streamline the process of allowing charities to accept this new type of value.
According to Man on a Mission founder Paul Lamb, “I think there’s a strong desire to accept not only bitcoin, but other cryptocurrencies as well, so it’s really a matter of building it and providing a menu of options from fiat to the wide range of cryptocurrencies.”
But Fidelity Charitable is also an early adopter of sorts.
The charity arm of the multinational investment firm first started accepting cryptocurrency through Coinbase’s charity service in November 2015, but until this year, it didn’t really see the funding mechanism take off. During 2016, its first