However, the platform uses distributed ledger technology (DLT) to facilitate donations to BBB-accredited charities while ensuring donor data is only shared when permitted.
The report stated:
“The platform also aims to restore trust in the online donation model, address concerns people have about misuse of their personal data and potential hacks. All personal information is stored on the Ardor blockchain and is only accessible to charities with donor permission.”
Ezra Vazquez-D’Amico, the Head of GiveSafely, explained that GiveSafely “enables a peer-to-peer donor-charity relationship” as the platform does not have access to its user’s personal information, donations, or payment details.
The new platform backed by the @bbb_us allows crypto holders to donate crypto assets directly to charities, reports @CriptoAZ https://t.co/Bntd7X5IpM — Cointelegraph (@Cointelegraph) July 15, 2020
It has been analyzed that cryptocurrency holders can donate crypto assets directly to charities. This is motivated by an Edelman report stating that 25% of wealthy Millennials hold or use digital currencies and 31% have expressed an interest in using it. Fiat donations are also accepted.
As per the report, the move is meant as a way to attract younger donors.
The announcement stated:
“GiveSafely.io has been launched with the aim of reaching out to younger and more technologically proficient donors who are less likely to make donations compared to older or less technologically savvy ones.”
Likewise, donors using the platform will also be rewarded with charity experiences, as those experiences are 15-20 minutes long and include healthy cooking tips and discussions about how it is to work at the charity involved.
Charities available on the platform include:
Save the Children
Physicians Committee for Responsible Medicine
Population Media Center
Wild Animal Sanctuary
Cure Alzheimer’s Fund
World Emergency Relief
Cryptocurrencies and blockchain technology enable a particularly high transparency standard and lower transaction costs.
Thus, both features are highly sought after in the space of charitable donations where every penny counts.