The Algorand Foundation, which is affiliated with Algorand (a carbon-negative cryptocurrency) and Climate Ride (a non-profit that empowers people to save the planet through life-changing experiences), has announced the launch of a five-year programme to promote community-driven environmental sustainability and health. The Algorand Foundation has pledged $15 million over five years, paying $500K each year to grow the programme and matching donations raised by Climate Ride participants up to $2.5 million per year. All donations are welcome, and the match will begin right away.
Climate Ride will be able to expand its event offerings, including the Green Fondo series — community cycling events modeled after Gran Fondo rides – to other major cities as a result of this funding. Climate Ride will be able to double the contributions that everyday donors make to people who participate in Climate Ride’s biking, running, and hiking events thanks to the donation matching, adding to the millions it has already donated to conservation, climate, environmental justice, sustainability, and active transportation efforts.
“I did my first Climate Ride – four days and 250 miles through Death Valley – in 2017, raising money from my family and friends to support wildlife preservation in Africa,” recalls Algorand Foundation CEO and three-time Climate Rider Staci Warden. Over the last twelve years, the Algorand Foundation has been ecstatic to be a part of the tremendous (and sometimes ferocious!) efforts to raise millions of dollars for climate-related initiatives. a group of people who are willing to battle for the environment’s preservation in our world.
Algorand is unique among blockchains in that it employs a pure proof-of-stake protocol that consumes considerably less energy than proof-of-work equivalents. The desire of Algorand to maintain a low carbon footprint contrasts with the environmental implications of other blockchains. These detrimental consequences have been well-documented. Algorand is also distinguished by its governance system, which allows community members who own ALGO – the coin linked with the blockchain – to vote on protocol updates.
Caeli Quinn, the founder of Climate Ride, noted that environmental charities currently receive only 3.3 percent of total giving. Matching grants, such as those provided by the Algorand Foundation, have resulted in an increase of 80 percent in Climate Ride donations. We hope that Climate Ride will raise awareness of environmental charities and motivate more people to become involved in helping their communities heal and preserve our planet.