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Binance Survey: Crypto Charity on the Rise

Binance Charity Survey - Crypto Charity on the Rise
  • Binance Charity’s International Day of Charity survey revealed that 29% of respondents have used cryptocurrencies for charitable donations, indicating a growing acceptance of “crypto charity”.
  • The survey, based on responses from 1,126 individuals, highlighted key factors influencing charitable giving decisions, including transparency and accountability, the cause itself, and impactfulness.
  • Binance Charity’s mission is to harness web3 for social change by democratizing education and research and promoting global solutions for local humanitarian impact.

In celebration of International Day of Charity, crypto exchange giant Binance published a study that aims to highlight the growing acceptance of digital currencies in philanthropy. 

This study found out the three out of 10 survey respondents already used cryptocurrencies for charitable donations. 

Binance Crypto Charity Survey

In a statement, Binance Charity, the exchange’s philanthropic arm, noted that the survey relied on responses from 1,126 individuals—representing both Binance users and the general public—to provide “actionable insights that will guide Binance Charity’s future initiatives to better align with public sentiment on philanthropy.”

The survey revealed that 29% of the respondents have donated crypto to charity, while 71% have not.

Accordingly, the study found that while traditional donation methods like cash, checks, and credit cards still account for 43% of all donations, there is a growing interest in blockchain-based charitable giving—32% of participants said they would prefer to donate crypto.

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When inquired about the reasons behind the increasing popularity of crypto, participants pointed out three primary advantages of blockchain technology. Notably, 37% commended its transparency, 32% valued its efficiency and cost-effectiveness, and an additional 28% acknowledged blockchain’s capability to bolster accountability through verifiable tracking from donors to recipients.

Factors and Preferences for Donating 

Moreover, the survey also listed the most critical factors influencing people’s decisions when choosing a charity to support, including transparency and accountability (27%) , the cause itself (26%), and impactfulness (18%).

In terms of preferred charitable causes, the survey reveals distinct preferences among respondents:

  • Humanitarian relief ranks highest, with 22% of participants emphasizing the significance of timely aid during crises. 
  • Education closely follows, with 20% expressing a collective aspiration to elevate society through knowledge. 
  • Health concerns, with 19% of respondents showing a universal commitment to well-being.

Furthermore, Binance Charity also delved into the extent of public engagement in charitable activities. A majority of respondents, accounting for 51%, mention that they contribute when their schedules and resources align. 

Remarkably, 20% of participants self-identify as dedicated philanthropists, actively in pursuit of opportunities like crypto charity to create a substantial and positive influence through their charitable endeavors.

Crypto Charity Donations in the Philippines

BitPinas has compiled a list of organizations in the Philippines that accept cryptocurrency donations, such as the Manny Pacquiao Foundation, Children International, FundLife, Save the Children Philippines, Caritas Manila, and Gawad Kalinga. These organizations focus on a variety of causes, including sex trafficking, poverty, education, and health.

Web3 organizations are also creating donation initiatives to help Filipinos. One of which is YGG Pilipinas, where it organized a donation drive following the devastation caused by Typhoon Odette in the Visayas and Mindanao regions, including damage to the homes of guild scholars. This initiative garnered $1.4 million (approximately ₱ 71.1 billion) in crypto donations, providing aid to nearly 5,000 households in the affected regions.

This article is published on BitPinas: Binance Charity Survey Reveals Crypto Charity Rise

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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