May 18, 2022 06:00 ET | Source: CanadaHelps CanadaHelps
TORONTO, May 18, 2022 (GLOBE NEWSWIRE) — CanadaHelps, the country’s largest platform for donating and fundraising online, today announced that it now accepts donations of cryptocurrency in support of any of Canada’s 86,000 registered charities. This new service is in response to growing interest from both charities and younger donors, and to ensure all Canadian charities, regardless of size, are able to easily accept this currency. According to a recent poll conducted by KPMG, 13% of Canadians have purchased crypto assets such as bitcoin or ethereum, the two most popular digital currencies. Among the biggest investors are younger Canadians, with 24% of 18 to 24 year-olds having purchased crypto assets.
At a time when charities are facing unprecedented demand and declining donation revenue, enabling cryptocurrency donations on CanadaHelps will make it even easier than ever before for younger donors to support the charities they care about. Given the popularity of cryptocurrency among young Canadians, it is also an important step to reverse troubling giving trends. As highlighted in The Giving Report 2022, not only are Canadians aged 55 and older giving at a much higher rate than younger Canadians, they have also increased the amount they give by 3.9% each year from 2006 to 2019. In the same time period, Canadians aged 40 to 54, 26 to 39, and 18 to 25 decreased their charitable donations by 3.1%, 1.6%, and 2.1% each year respectively. If younger Canadians do not close this giving gap by increasing their donations, charities will have to contend with a major shortfall in funding.
“Since our inception, CanadaHelps has been focused on driving generosity through innovation. As technology and digital solutions continue to transform our lives, we’re making it easier for Canadians to engage with and support the charities they care about. At the same time, we are helping charities raise the critical funding they need to provide the services that a growing number of Canadians rely on,” said Jane Ricciardelli, Chief Operating Officer and Acting CEO of CanadaHelps. “The launch of cryptocurrency on CanadaHelps is another key step we are taking to engage younger Canadians in giving.”
CarbonX Partnership to Ensure Crypto Donations are Carbon Neutral
CanadaHelps has partnered with CarbonX, an environmental fintech company focused on carbon mitigation through emissions analysis and carbon trading, to ensure all cryptocurrency donations made using CanadaHelps are carbon neutral. CarbonX has also generously donated the first 100 carbon credits to offset 100 MtCO2eq of carbon emissions.
“We are pleased to be partnering with CanadaHelps to give Canadians the choice to donate cryptocurrency while ensuring its carbon neutrality,” said Don Tapscott, Chairman at CarbonX, world-leading blockchain expert, and co-author of the book, Blockchain Revolution. “Cryptocurrency adoption is growing amongst young Canadians in particular, and those who choose to donate cryptocurrency through CanadaHelps can rest assured that their gift will be carbon neutral.”
Canada Learning Code to Receive First Cryptocurrency Donation on CanadaHelps
The first charity to receive a donation of cryptocurrency on CanadaHelps will be Canada Learning Code, a national charity that teaches digital skills and computer science education to all Canadians, especially women, racialized, transgender and beyond binary individuals. The gift will be made by Boris Wertz, Founder and General Partner at Version One Ventures.
“I am thrilled that CanadaHelps has made donating cryptocurrency possible for Canadian charities, a technology that is so important for the future of philanthropy,” said Wertz who is also a Canada Learning Code Board Member. “Today, I’m making a gift of bitcoin through CanadaHelps to Canada Learning Code, to inspire the next generation of tech innovators across Canada.”
“At Canada Learning Code we unlock digital potential for individuals to harness the power of technology and today CanadaHelps has done that for us,” said Melissa Sariffodeen, Co-Founder and Chief Executive Officer at Canada Learning Code. “We are thrilled to be receiving our first crypto donation and grateful to Boris and CanadaHelps for making this possible.”
Cryptocurrency Donations Using CanadaHelps: How it Works
When donating cryptocurrency on CanadaHelps, donors will be asked to choose the type of cryptocurrency they are donating and the amount. An estimate will be generated showing the exchange rate from their cryptocurrency to Canadian dollars. Donors then select one or more charities to donate to, along with the respective allocation. After completing the online donation form, donors will be prompted with a QR code to securely transfer their cryptocurrency to CanadaHelps’ cryptocurrency wallet. CanadaHelps will promptly sell the cryptocurrency, send the donor a charitable tax receipt, and then disburse the donation in Canadian dollars to the charities selected.
As part of the service, CanadaHelps is providing every registered charity with a unique URL that is accessible from the charity’s free CanadaHelps charity account and can be used to invite supporters and website visitors to donate cryptocurrency to their organization.
For more information on how to donate using cryptocurrency, click here.
CanadaHelps is a public foundation advancing philanthropy through technology. For Canadians, it powers CanadaHelps.org, a safe and trusted destination for discovering and supporting any charity in Canada, and UniteforChange.com, where Canadians can learn about causes and easily support the collective work of charities addressing a cause they care about. CanadaHelps also develops affordable fundraising technology used by more than 25,000 charities, and free training and education so that, regardless of size, all charities have the capacity to increase their impact and succeed in the digital age. Since 2000, over 3.5 million people have given more than $2.2 billion through CanadaHelps. Connect with CanadaHelps on Twitter, Facebook, Instagram and LinkedIn.
CarbonX is a Canadian environmental fintech focussed in carbon emissions analysis, carbon mitigation project development and carbon trading. The goal of the company is to help steward the world economy towards net-zero by finding new and innovative ways to create demand for carbon credits. For example, in the past year, with the Crypto Carbon Ratings Institute of Germany and Ninepoint Partners of Toronto, CarbonX launched the world’s first carbon neutral Bitcoin ETF. We track the carbon footprint of all PoW and PoS networks on a daily basis for clients across the globe.
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