Blockchain For Impact (BFI), the brainchild of Polygon co-founder Sandeep Nailwal, is making waves in the crypto-charity world. With a whopping $90 million already committed, BFI is on a mission to revolutionize biomedical research, healthcare innovation, and climate resilience. This bold move could be a game-changer for blockchain’s role in philanthropy.
But wait, there’s more! BFI isn’t stopping at $90 million. They’re gearing up to unleash an additional $200 million to supercharge healthcare startups, expand biomedical research, and fortify public health systems. It’s a crypto-powered push for a healthier, more resilient world.
BFI’s impact is already being felt across India. From solar-powered public health centers to a floating hospital in flood-prone Assam, their projects are making a difference. They’ve even partnered with UNICEF to drive healthcare innovation and provided crucial relief during the COVID-19 crisis. The focus? Healthcare innovation and research, powered by blockchain transparency.
Sandeep Nailwal, the visionary behind BFI and Polygon, believes blockchain can bring unprecedented transparency and accountability to philanthropy. Every donation to BFI is trackable on the blockchain. While final transfers to nonprofits occur through banks, every financial step is displayed transparently on their website. It’s a new era of verifiable giving.
Nailwal shared with Cointelegraph that their approach during the COVID-19 crisis was no different. They channeled $68 million for relief efforts in India, including $15 million for syringes through UNICEF. The results? Improved care and reduced vaccine wastage, thanks to steady refrigeration.
The Giving Block’s report highlights BFI’s role in the rapid rise of crypto philanthropy. Their $90 million in donations represents 9% of all cryptocurrency contributions tracked globally in 2024. This surge underscores the transformative potential of digital donations for transparency and efficiency.
And it’s not just BFI making waves. Over 70% of the top 100 US-based charities now accept crypto donations. Global giants like the UK Red Cross and Singapore Red Cross are embracing this trend too. Save the Children has already received $8.6 million in crypto donations.
As crypto adoption grows, so does the need for secure solutions for nonprofits. The Giving Block has partnered with Gemini to enhance security in crypto philanthropy. Fast Company reports that nonprofits with transparency see a 53% increase in contributions. As transparency improves, so does donor willingness.
Looking ahead, The Giving Block estimates that by 2035, crypto donations could reach a staggering $89.27 billion. The future of philanthropy is digital, transparent, and powered by blockchain innovation. Stay tuned as BFI and others continue to reshape the landscape of giving in the crypto age!
