On September 5, Binance Charity, the philanthropic arm of the global blockchain giant Binance, unveiled the results of a survey conducted in honor of the International Day of Charity, shedding light on the changing dynamics of charitable giving.
The survey, which garnered responses from 1,126 individuals, both Binance users and the general public, has uncovered a notable shift in preferences when it comes to charitable contributions. While traditional methods like cash, checks, and credit cards still hold sway, accounting for 43% of preferences, a significant 32% of respondents expressed cryptocurrency as their favored means of donating.
It also highlights the substantial number of individuals who have already adopted cryptocurrency donations, with 29% of survey participants actively engaging in this practice. This trend reflects the growing acceptance of cryptocurrencies in the realm of philanthropy.
Blockchain-based donations on the rise
Respondents highlighted the exceptional qualities of blockchain technology when questioned about their preference for cryptocurrencies. A notable 37% praised its transparency, while 32% appreciated its efficiency and cost-effectiveness. An additional 28% recognized blockchain’s ability to enhance accountability, thanks to its verifiable tracking from donor to recipient.
Transparency and accountability emerged as non-negotiable elements for 27% of respondents, highlighting the crucial role ethics and open reporting play in earning donor trust because these aspects provide assurance and clarity in how charitable contributions are utilized and managed. Meanwhile, 26% of participants were motivated by the charity’s specific mission.
The survey also explored the causes that resonate most with the public. Humanitarian relief claimed the top spot, with 22% of respondents valuing timely aid in times of crisis because it’s crucial to donate promptly and ensure that funds will be utilized appropriately.
In terms of charitable engagement, 51% of respondents indicated that they contribute when time and resources allow. Impressively, 20% identified themselves as committed philanthropists, actively seeking opportunities to make a meaningful impact.
Binance’s philanthropic initiatives
Binance Charity, at the forefront of this shifting philanthropic landscape, has made substantial contributions towards crisis relief and humanitarian causes. Notably, Binance donated $10 million in cryptocurrency to aid Ukraine during its crisis and introduced the innovative Binance Refugee Card, offering a fast, cost-effective, and secure method of transferring urgent funds to those in need. Additionally, Binance Charity’s “Crypto Against COVID” campaign donated $5.7 million in crypto for healthcare, allowing delivery of over 2 million PPE items and 500,000 vaccines globally.
The charity educational initiatives, supported by Binance Academy, span five continents with over 57,000 graduates in partnership with top academic and vocational institutions, including Women in Tech and Utiva. This work includes tech and blockchain scholarships and has a core focus on women to address the gender gap that persists in the industry.