Two separate crypto initiatives have reportedly secured more than $3 million via fundraising, for charitable contributions in May, highlighting virtual assets’ ability to support mission-based non-profits worldwide.
Specifically, Elongate – a digital coin initiative that started out as a parody of Elon Musk’s mention of the Watergate scandal – has reportedly obtained $2 million to support various food and general support programs, through Human Relief Foundation and Give India. The latter functions as a relief attempt for the global pandemic throughout the South Asian nation, amid the devastating rise in new infections.
Several of the most high-profile Elongate contributors are reportedly Children International, Action Against Hunger, The Ocean Cleanup, Big Green, Human Relief Foundation and Give India, among others.
“In just a month, the Elongate ecosystem has grown to change the face of charity and crypto trading”, Hasan Aziz, the project’s chief technology officer, reportedly remarked.
Elongate further disclosed that its token will be available for trading across Bitmart on Monday, May 10th.
Despite the initial purpose is to function as merely a meme, Elongate has reportedly come a long way in becoming one of the top entities throughout the market when it comes to crypto-based charities. The initiative disclosed its overall pool of holders exceeding 400,000 throughout the globe.
At the same time, DeFi initiative Munch has reportedly secured more than $1 million to assist a wide range of causes, throughout developing countries, via the GiveWell Maximum Impact Fund. During the past years, the Maximum Impact Fund has dedicated tens of millions of dollars to fight against malaria and other diseases in Africa.