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The American Cancer Society and The Giving Block have joined forces to create a new research fund that accepts crypto donations - the organization's first crypto-only fund.
By SAM BOURGI - COINTELEGRAPH
In collaboration with crypto donations company The Giving Block, the American Cancer Society has set up the Cancer Crypto Fund, which seeks to raise at least $1 million by early 2021 to fund ongoing research initiatives.
Donations to fund cancer research plunged 50% in 2020, reaching the lowest this century, according to the American Cancer Society. The sharp drop-off was attributed to the economic impact of COVID-19.
According to the American Cancer Society:
“The crypto community's contributions will help re-establish crucial research funding for new discoveries and better treatments to save the lives of family and friends.”
The first crypto donor to contribute $250,000 or more will have the chance to rename the fund, either in their name or that of a loved one. Donors who give $10,000 or more will appear on the fund’s wall of honour.
The fund accepts donations in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash (ZEC), Gemini Dollar (GUSD), Basic Attention Token (BAT) and Chainlink's LINK.
“We want as many people to join us in our mission as possible,” said Jeff Klass, the American Cancer Society's interim chief digital officer. "To do that, we need to ensure people can give to the fight against cancer when, where and how they choose."
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By Andrew Hayward - Decrypt
As cryptocurrency has gained popularity and mainstream recognition, we’ve seen more and more nonprofit organizations begin to accept crypto donations. Today, one of America’s most prominent nonprofits, the American Cancer Society, has amplified its crypto push with the launch of its Cancer Crypto Fund.
Created in partnership with The Giving Block, which helps organizations tap into crypto philanthropy, the Cancer Crypto Fund aims to raise at least $1 million in cryptocurrency donations very quickly—by “early 2021,” according to a press release. This is the organization's first crypto-only fund, although the American Cancer Society previously accepted Bitcoin via BitPay.
Additionally, the fund is providing an incentive for big-dollar donors: the first to donate at least $250,000 can name the fund after themselves or a loved one. Additionally, any donors who send at least $10,000 can have their name listed on a Crypto Cancer Fund Wall of Honor.
All donations to the Cancer Crypto Fund will go directly into the organization’s cancer research, which seeks to discover new breakthroughs and treatment options. According to the ACS website, the organization has poured more than $4.9 billion into cancer research since 1946.
“I believe cryptocurrency will play a pivotal role in curing cancer,” said The Giving Block co-founder Pat Duffy, in a release. “With Bitcoin hitting a new all-time high, the creation of this new fund opens the door for the booming crypto market to save lives.”
According to The Giving Block, which was founded in 2018, cryptocurrency donations total an estimated $300 million annually. More than 120 organizations accept crypto donations via The Giving Block, as listed on its website, including The Tor Project, the National Society of Black Engineers, and United Way Worldwide.
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