The current surge in the value of cryptocurrencies has alerted non-governmental organizations to the new asset class as a source of income. A Swiss group helping disadvantaged children is taking donations in bitcoin.
The pandemic has caused a high level of volatility on the markets and boosted the values of both gold and cryptocurrencies. Bitcoin, the best-known of the new assets, is trading at about $11,200. NGOs have also jumped on the bandwagon: SOS Kinderdorf, a Swiss charity that helps children in 135 countries, is now accepting donations in bitcoin, it said in a statement on Wednesday.
Crypto-Investors With a Heart for Good Causes
The NGO has signed up the support of Swiss e-payment specialist Datatrans and startup Coinify to enable the service to prospective donators. Crypto-donations are accepted only if they are sent via a financial intermediary that has been vetted by the financial market regulator Finma to avoid attracting assets from cybercriminals and money-launderers.
SOS Kinderdorf said that young investors had a penchant to invest gains from their business for good causes and that it wanted to get make it easier for them to donate their assets. The donation of 1 bitcoin would help 50 children go to school for one year.
