In the second volume of The Boba Journal, we delve into the topic of crypto philanthropy, examining its potential benefits and challenges for charities.
Boba Inu’s Charitable Initiatives
Boba Inu is a cryptocurrency project with a mission to support charities and encourage their adoption of crypto. The project has successfully completed three donations to animal shelters and is planning its fourth donation in the first quarter of 2023. These donations were facilitated by the community through the project’s tokenomics, offering holders 2% reflections in Dogecoin as passive income. Boba Inu’s goal is to help charities adopt cryptocurrency for donations, enhancing transparency in the process.
Growth and Impact of Crypto Philanthropy
As the cryptocurrency market, valued at over $950 billion, continues to expand, it’s unsurprising that some charities are starting to embrace crypto philanthropy. This form of philanthropy involves making donations in cryptocurrencies rather than traditional cash payments to support charitable causes. Notable examples include:
- Binance Charity, which has initiated a crypto fundraising project, raising approximately $50 million and planning a $10 million donation to Ukraine for humanitarian efforts.
- The Giving Block, a cryptocurrency fundraising platform, reported $70 million in crypto donations in 2021 through their website, a significant increase of 1,558% from the previous year.
- UNICEF Global, which established a CryptoFund in 2019 to receive, hold, and disburse cryptocurrencies by investing in various projects.
Benefits and Challenges
Crypto philanthropy offers several advantages, including accessing untapped sources of wealth, bypassing traditional financial systems, and increasing transparency for charities and donors. However, it also faces challenges such as market volatility, regulatory compliance, and the need for education and infrastructure to support crypto donations.
Boba Inu’s Contributions
To date, Boba Inu’s philanthropic efforts have included the donation of 1,000 lbs. of cat litter, 270 cans of cat food, 500 litres of bedding, and miscellaneous cleaning supplies, demonstrating their commitment to animal welfare.
Conclusion
Crypto philanthropy presents a unique opportunity for charitable organizations to access new funding streams and engage with a wider pool of donors. While there are challenges to overcome, the potential benefits greatly outweigh the obstacles. Boba Inu is dedicated to making a lasting impact on the lives of animals in need, providing not only financial assistance to animal shelters but also mobilizing the community to participate actively in making a difference through hands-on support and unwavering commitment.
