Despite the crypto carnage of 2022, blockchain-enabled fundraising remains a promising option to transform the charity landscape, says Digital Philanthropy’s co-founder Lim Soon Ying.
However, there seems to be a lack of a national database on crypto donations in Singapore, which may partially explain why there is a lack of trust and understanding about the possibilities between donors, stakeholders and charities.
Seamlessness should also be applied along every step of the donation transference process. In this aspect, Goya Universe ensures that it does not hold crypto currencies donated for more than a business day. All crypto donations are also off-ramped to fiat currencies by a Monetary Authority of Singapore’s licensed payment services provider, and the fiat currency is then transferred directly to the beneficiaries.
Affectionately referred to as the “betterverse”, platforms must also provide a conducive environment that allows safe social interactions and when it comes to charity,But it’s not just donors that platforms must take into consideration. NFT artists have also become front and centre of the push towards crypto philanthropy. Think of the metaverse as a blank canvas where works can be displayed 24/7 in virtual galleries.
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