The Future of Giving is Digital: Binance Charity Survey Reveals a Surging Interest in Crypto-Based Donations for Accountable and Transparent Philanthropy
Dubai, United Arab Emirates, September 5th, 2023, Chainwire
Binance Charity, the philanthropic arm of the leading global blockchain ecosystem Binance, today unveiled key findings from a survey conducted in honor of International Day of Charity. Aimed at understanding the evolving landscape of charitable giving, the survey relies on responses from 1126 individuals – represented by both Binance users and the broader public – to offer actionable insights that will guide Binance Charity’s future initiatives to better align with public sentiment on philanthropy.
Key Takeaways From the Survey
- While traditional donation methods like cash, checks, and credit cards continue to be popular, accounting for 43% of preferences, the survey uncovers a surging interest in blockchain-based charitable contributions. A significant 32% of respondents indicate cryptocurrency as their favored method for giving, highlighting the ascending role of digital assets in philanthropy.
- The survey unveils a sturdy base of crypto-based donations and philanthropy already in action. While a 71% majority have never used digital currencies for charitable donations, 29% have already embraced this new avenue for giving, underscoring the expanding acceptance of cryptocurrencies in philanthropy.
- When asked why cryptocurrencies are gaining favor, respondents pointed to three core strengths of blockchain technology. An impressive 37% praised its capacity for providing transparency, while 32% appreciate its efficiency and cost-effectiveness. An additional 28% recognize blockchain’s unique ability to enhance accountability with verifiable tracking from donor to recipient.
- Binance Charity’s survey uncovered the most critical factors influencing people’s decisions when choosing a charity to support:
- Transparency and accountability: This factor stands out as a non-negotiable for 27% of respondents, emphasizing that ethics and open reporting are pivotal in earning donor trust.
- The cause itself: Nearly 26% of participants are moved to action by the charity’s specific mission, proving that a clearly defined purpose can be a powerful draw.
- Impactfulness: An additional 18% focus on the measurable impact a charity has made, indicating that demonstrable results matter in this age of data-driven decisions.
- When examining the fields that capture the public’s choice of a charitable cause, the survey highlights the following preferences:
- Humanitarian relief: 22% of respondents underscore the importance of timely aid in crises.
- Education: 20% of respondents highlight a collective aspiration to elevate society through knowledge.
- Health: Almost neck-and-neck with education, 19% of respondents have a universal concern for well-being.
- Additionally, the survey investigates the public’s level of charitable engagement. A majority of respondents, 51%, indicate they contribute when time and resources permit. Impressively, 20% of participants identify themselves as committed philanthropists, actively seeking opportunities to make a meaningful impact.
How Binance Charity Empowers Global Good
The survey conducted by Binance Charity provides valuable insights into the landscape of charitable giving, confirming a rising trend in the adoption of cryptocurrencies for philanthropy. These findings directly influence Binance Charity’s ongoing initiatives designed to make a meaningful global impact. From emergency relief efforts to educational programs and health initiatives, Binance Charity continues to harness the power of blockchain technology to transform philanthropy.
Binance donated $10 million in cryptocurrency for crisis relief in Ukraine and launched the first-of-its-kind Binance Refugee Card to offer a fast, cheap, and secure way of transferring urgent funds to people in need. Binance also donated $5 million for relief directly to victims of the earthquake in Turkey.
Binance Charity’s educational initiatives, supported by Binance Academy, span five continents with over 57,000 graduates in partnership with top academic and vocational institutions, including Women in Tech and Utiva. This work includes tech and blockchain scholarships and has a core focus on women to address the gender gap that persists in the industry.
Additionally, Binance Charity’s “Crypto Against COVID” campaign donated $5.7 million in crypto for healthcare, allowing a delivery of over 2 million PPE items and 500,000 vaccines globally.
Binance Charity is also pioneering crypto-based philanthropy by empowering non-profit organizations worldwide to accept crypto donations using Binance Pay or any DeFi wallet.
To learn more about how Binance Charity is building a future where Web3 technology serves as a force for good, read their 2022 Annual Report.
About the survey
The survey was conducted from August 19 to September 4, 2023, on the Binance Survey platform. It was open to both Binance users and non-users, yielding a convenience sample of 1126 adults participating in this global survey.
The results of this survey are based on the responses of a limited sample of individuals and are not representative of the views of Binance.
About Binance Charity
Binance Charity is a non-profit organization dedicated to unlocking Web3 as a powerful tool for social change. Its mission is to enable Web3 as a driver of social transformation by making its education and research accessible to all, and advancing global solutions for local humanitarian impact. Binance Charity uses its 100% transparent donation platform to build a future where technology is used as a force for good. To date, Binance Charity has supported over two million end beneficiaries through various projects. For more information, visit https://www.binance.charity/.
About Binance
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com