The Giving Block, a website that allows users to donate bitcoin to a variety of charitable organizations, announced today that it facilitated more than $69 million in crypto contributions in 2021, a more than 1,500% increase over the previous year.
Overall, bitcoin donations were more than $69.6 million, up from $4.2 million in 2020. The average contribution amount was $10,455, according to the firm’s year-end report, with around 42 percent of funds arriving in November and December.
Three significant causes, according to Pat Duffy, co-founder of The Giving Block, have contributed to the growth in donation volume. Two examples are the influx of money and new people into the cryptosphere, as well as increased tax literacy about cryptocurrency.
Finally, Duffy mentions the expansion of the NFT market, which had a $23 billion trading volume last year and resulted in projects seeking charitable partners for community-focused contributions.
Through The Giving Block, well-known NFT initiatives donated more than $12.3 million in 2021.
For example, Yuga Labs, the creators of the Bored Ape Yacht Club, donated to the Orangutan Outreach group. The team donated 66.45 ETH through The Giving Block in August, which was worth roughly $208,000 at the time.
Ethereum (ETH) has overcome Bitcoin (BTC) to earn the top spot on the list for the first time.
The Giving Block received around $30.8 million in Ethereum donations in 2021, while Bitcoin donations were nearly $25.9 million.
The USDC stablecoin, which was first launched to the site in November, quickly rose to third position with over $4.7 million in donations.
The attraction of The Giving Block arises from the fact that it allows USDC holders to avoid a taxable event by not requiring them to convert their stablecoin into ETH in order to give it away.
With $2.2 million, fellow stablecoin Dai (DAI) finished in fourth, followed by Flow (FLOW) at $1.4 million and Solana (SOL) at $1.2 million. All other cryptocurrencies fell short of the million-dollar milestone, including Cardano (ADA) and Litecoin (LTC).