In celebration of the International Day of Charity, Binance Charity, the philanthropic arm of the global blockchain leader Binance, has unveiled the findings of a survey that sheds light on the evolving landscape of charitable giving.
The survey, which garnered responses from 1,126 individuals, encompassing both Binance users and the general public, has unveiled a significant shift in preferences when it comes to charitable contributions. While traditional methods such as cash, checks, and credit cards continue to hold sway, comprising 43% of preferences, an impressive 32% of respondents have expressed a preference for cryptocurrency as their favored means of donating.
The survey also highlights the substantial number of individuals who have already embraced cryptocurrency donations, with 29% of survey participants actively engaging in this practice. This trend underscores the growing acceptance of cryptocurrencies in the realm of philanthropy.
Rising Popularity of Blockchain-Based Donations
Survey participants highlighted the exceptional attributes of blockchain technology when explaining their preference for cryptocurrencies. A notable 37% praised its transparency, while 32% appreciated its efficiency and cost-effectiveness. An additional 28% recognized blockchain’s capacity to enhance accountability through verifiable tracking from donor to recipient.
Transparency and accountability emerged as critical factors for 27% of respondents, emphasizing the pivotal role that ethics and transparent reporting play in earning donor trust by providing assurance and clarity regarding the use and management of charitable contributions. Meanwhile, 26% of participants were motivated by the specific mission of the charitable organization.
Exploring Causes that Resonate
When it comes to the causes that resonate most with the public, humanitarian relief claimed the top spot, with 22% of respondents valuing timely aid during crises. This underscores the importance of promptly donating and ensuring that funds are used effectively in times of need.
In terms of charitable engagement, 51% of respondents indicated that they contribute when time and resources allow. Remarkably, 20% identified themselves as dedicated philanthropists, actively seeking opportunities to make a significant impact.
Binance’s Philanthropic Endeavors
At the forefront of this evolving philanthropic landscape, Binance Charity has made substantial contributions to crisis relief and humanitarian causes. Notably, Binance donated $10 million in cryptocurrency to aid Ukraine during its crisis and introduced the innovative Binance Refugee Card, offering a fast, cost-effective, and secure means of transferring urgent funds to those in need. Additionally, Binance Charity’s “Crypto Against COVID” campaign donated $5.7 million in crypto for healthcare, facilitating the delivery of over 2 million PPE items and 500,000 vaccines globally.
The charity’s educational initiatives, supported by Binance Academy, span five continents, with over 57,000 graduates in partnership with leading academic and vocational institutions, including Women in Tech and Utiva. These efforts include tech and blockchain scholarships, with a particular focus on women to address the gender gap that persists in the industry.
