- Summary:
- As more individuals and institutions embrace cryptocurrencies and blockchain tech, Binance is spearheading charitable giving in this front.
Today, in recognition of International Day of Charity, Binance Charity, the Binance’s charitable arm, released key findings from a poll it performed. It is hoped that the responses of 1126 people (including Binance users and the general public) will shed light on the changing nature of charitable giving and provide direction for Binance Charity’s future endeavours in this area.
There has been an increasing push towards using cryptocurrencies for charity giving, and the survey done by Binance Charity confirms this trend. Binance Charity says it has set its sight on leveraging the potential of blockchain technology to revolutionise charity across a wide range of fields, from disaster relief to education and health.
The poll was carried out on the Binance Survey platform from August 19th, 2023, through September 4th, 2023. A total of 1126 adults from all over the world took part in this survey, including both Binance and non-Binance customers.
Key highlights of the survey
- While the survey found that 43% of respondents favour traditional donation methods like cash, cheques, and credit cards, it also reveals a rising interest in blockchain-based charitable contributions. About a third of people polled prefer to donate using cryptocurrency.
- The findings show that crypto-based charitable giving and donations have a solid foundation. Although 71% of respondents report never having donated a cryptocurrency, 29% report using crypto to give, highlighting the growing popularity of cryptocurrencies in charity.
- Respondents cited three primary benefits of blockchain technology when asked why cryptocurrencies are gaining popularity. 37% of them stated that blockchain’s transparency is a major pull factor, 32% found it “efficient and cost-effective,” and 28% acknowledged its unique potential to increase responsibility by providing verifiable monitoring from donor to beneficiary.
- The most important characteristics that individuals consider when choose which charity to donate to were revealed by a survey conducted by Binance Charity.
- Transparency and accountability: 27% of respondents cited this factor as a non-negotiable, emphasising that ethics and open reporting are crucial in garnering donor trust.
- Nearly 26% of participants are motivated to take action by the charity’s unique aim, demonstrating that a well-articulated goal can be an effective magnet.
- Impactfulness: 18% are concerned with a charity’s impact, showing that in this era of data-driven decisions, it’s important to be able to point to concrete results.
Where are people giving their donations?
The following preferences emerge from the survey when looking at the fields that capture the public’s choice of a philanthropic cause:
- Humanitarian relief: 22% of those surveyed stressed the significance of providing aid quickly during times of crisis.
- Education: 20% of people surveyed stressed the importance of education in their quest to improve society.
- Health: Nearly as many people (19%) care about everyone’s health as do about everyone’s education.
The survey also explores people’s participation in philanthropic activities. It shows that 51% of respondents give what they can when they can. However, 20% of the respondents are committed philanthropists who always seek out ways to make a difference.
A look at Binance’s contribution to charitable causes
These results will have a substantial impact on the ongoing efforts of Binance Charity to make a positive difference in the world. To help those affected by the crisis in Ukraine, Binance has already contributed $10 million USD worth of cryptocurrency and introduced the first-of-its-kind Binance Refugee Card, which allows for the instant, low-cost, and secure transfer of payments. Additionally, Binance gave $5 million to help those affected by the earthquake in Turkey.
Also, through partnerships with leading educational and vocational institutions like Women in Tech and Utiva, Binance Charity has helped educate over 57,000 people across five continents through its learning platform, Binance Academy. The initiative aims to close the gender gap in technology by providing financial aid to female students interested in studying blockchain technology.
Furthermore, $5.7 million in cryptocurrency went to healthcare through Binance Charity’s “Crypto Against COVID” campaign, enabling the supply of over 2 million PPE pieces and 500,000 vaccines around the world. By enabling charities all around the world to receive cryptocurrency payments through Binance Pay or any DeFi wallet, Binance Charity is also at the forefront of crypto-based philanthropy.