BFI, a foundation established by Polygon co-founder, allocates $90M for advancing biomedical research and climate resilience.
Future Initiatives
Blockchain for Impact, founded by Sandeep Nailwal, plans to allocate an additional $200 million to support healthcare startups, expand biomedical research, and strengthen public health systems. BFI supports various projects in India's healthcare sector, including Solar-Powered Public Health Centers, a floating hospital in Assam, and the UNICEF Healthcare Innovation Partnership.
Transparency and Efficiency
Incorporating blockchain technology boosts transparency and accountability in philanthropic efforts. Sandeep Nailwal noted that all donations received by BFI are traceable through blockchain, ensuring financial transparency. For instance, the $68M channeled for COVID-19 relief in India followed the same approach.
Global Adoption of Crypto Donations
According to The Giving Block, cryptocurrency donations to charitable organizations are on the rise. BFI exemplifies the transformative potential of digital donations to enhance transparency and efficiency in fund allocation. More than 70% of top US charities now accept cryptocurrency donations.
Crypto donations are becoming increasingly common, allowing charitable organizations to improve transparency and efficiency in fund management.
