- WFP USA accepts Bitcoin, Ethereum, and USD Coin to support hunger relief efforts worldwide.
- Crypto donations offer lower fees and faster processing, ensuring quicker aid delivery.
- WFP USA’s Emergency Hunger Relief Fund aims to raise over $25M to combat global hunger.
The World Food Program (WFP) USA has announced a major shift in its fundraising strategy by accepting cryptocurrency donations. Partnering with The Giving Block, WFP USA is now set to accept popular digital currencies like Bitcoin, Ethereum, and USD Coin. This new move aims to provide secure and innovative ways for donors to contribute to lifesaving operations in over 120 countries.
Fighting Hunger with Innovation
The decision to accommodate cryptocurrency is being made at an alarming time when global hunger is escalating. Such traditional approaches to fundraising are becoming less effective, and WFP USA is concerned about reaching more people and finding new methods to do so. The organization enables people from all over the world to donate quickly and securely.
Cryptocurrencies have several advantages for both donors and recipients. The costs for each transaction are lower than other methods, and donations can be done within a few minutes, unlike the time that may be taken in other systems. This efficiency is extremely important while operating under specific and emergency conditions.
Tax Benefits for Donors
Additionally, cryptocurrency donations provide tax benefits. Donors may avoid capital gains tax and potentially receive deductions at the full market value of their contributions. This makes giving easier and more beneficial for those looking to support global hunger relief efforts.
The launch of the Emergency Hunger Relief Fund on March 31 is a critical part of WFP USA’s strategy to address urgent funding needs. The goal of raising over $25 million in private sector and individual donations is essential for helping 58 million people facing starvation. This fund will help cover the financial gaps left by recent shortfalls in funding.
In a statement, Dorota Amin, Chief Philanthropy and Partnerships Officer at WFP USA, emphasized the importance of using innovative technologies. She pointed out that as the hunger crisis deepens, adopting blockchain and cryptocurrency is not just an option but a necessity for staying ahead of the demand for aid.
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WFP USA has extensively worked with the concept of blockchain technology, currently employing blockchain technology to deliver humanitarian aid to refugees in terms of digital wallets. This has successfully cut transaction costs by up to 98%, thus expediting and enhancing the provision of help to people requiring the same.
WFP USA believes that incorporating cryptocurrency and blockchain will help boost the effectiveness of its operations. The decision shifts worldwide hunger, which means it has become the new paradigm of digital age philanthropy..
