Fidelity Charitable, the largest US grant sponsor under the Fidelity Investments banner, has reportedly raised around $ 270 million through crypto donations since early 2021, according to a press release.
Founded in 1991, Fidelity Investments Charitable Gift Fund (Fidelity Charitable) is the largest public charity in the United States with $ 30 billion in assets under management in 2019.
The numbers presented also show an 860% increase over the $ 29 million in cryptocurrency it previously received in 2020.
Fidelity Charitable continues to accept crypto donations
According to the British business newspaper AM, The company could easily beat $ 300 million milestones if it continues its original pace of accepting donations in cryptocurrency.
The organization first broke records in accepting such offers in 2017, when multiple organizations and institutions made significant contributions to Fidelity – which helped the company raise $ 69 million in donations.
However, Fidelity Charitable Vice President Tony Oomen has further clarified that the organization is rapidly converting crypto to fiat currency to protect the funds volatile Crypto prices.
“You can have a situation where someone is donating cryptocurrency and if we don’t sell it right away, it could lose 20% of its value in one day,” explained Oomen.
Fights related to crypto donations.
While crypto donations are considered a smart alternative to other traditional offerings, such donations can also prove to be a chore for many of these charities.
In one such case, Ethereum co-founder Vitalik Buterin made headlines when he donated around $ 1 billion worth of Shiba Inu tokens (SHIB) to the Indian Covid Relief Fund. Buterin also donated 500 ETH, which was around $ 1 million at the time.
In one, however interview with Bloomberg, Sandeep Nailwal, founder of the recipient charity in India, commented that crypto funds received through Buterin were delayed primarily due to local government interference that temporarily disrupted their ability to clear crypto donate.
Additionally, due to the extremely volatile prices of crypto, originally $ 1.1 billion, only $ 20 million could be redeemed when the funds were finally released in June, and another $ 20 million is in the pipeline.
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