The Giving Block Negates the Carbon Footprint of Cryptocurrency Donations
Credit: The Giving Block
The Giving Block, the cryptocurrency and stock fundraising platform behind “Crypto Philanthropy,” unveiled “EcoGift,” a process designed to make cryptocurrency donations climate-friendly. EcoGift was designed in collaboration with Climate Vault, a 501(c)(3) nonprofit organization and leader in carbon reduction, to measure and negate the carbon footprint from cryptocurrency donations processed on The Giving Block’s platform.
“When it comes to crypto fundraising, nonprofits look to us as the leader in this space,” said Pat Duffy, Co-Founder of The Giving Block. “All of the environmental nonprofits we support need to be able to look their donors in the eye and tell them that the crypto they receive isn’t harming our planet. That’s why we created EcoGift, and why we’re going to keep doing what it takes to offer the greenest crypto fundraising platform.”
EcoGift calculates the per-transaction carbon footprint of individual crypto transactions on The Giving Block, triggering carbon elimination donations that are twice the size of a standard offset. These funds purchase twice as many carbon permits from cap-and-trade compliance markets, which are vaulted so that emitters cannot use them. The vaulted permits are then used to remove twice the atmospheric carbon as was contributed by the original crypto donation, turning crypto donations on The Giving Block into an environmental force for good.
Cryptocurrency remains one of the fastest growing donation methods for the nonprofit sector, with thousands of charitable organizations raising more than $125M via cryptocurrencies and NFTs through The Giving Block since its founding in 2018. Despite many cryptocurrencies moving to energy efficient protocols, concerns around crypto energy consumption has kept some environmental charities from exploring Web3 fundraising.
With EcoGift, The Giving Block intends to usher more environmentally-conscious nonprofits into Crypto Philanthropy and give donors greater peace of mind when they donate cryptocurrencies.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of the staff of NonProfit PRO.
