American Cancer Society Creates Its First Crypto Only Donation Fund

The American Cancer Society has set up a fund for crypto donations so the nonprofit can raise at least $1 million by early 2021. Together with The Giving Block, the U.S.-based voluntary health organization expects to collect funds via several cryptocurrencies.

Donations to Fund Cancer-Related Research Plummeted 50% in 2020

According to the announcement, the cancer crypto fund seeks to provide funding to ongoing research initiatives. The move happens within the context of a strong decrease in donations over 2020 amid the COVID-19 pandemic.

The American Cancer Society says the donations’ flow plunged 50% in the last year — the lowest number in this century. They commented on the motivations behind setting up a crypto fund:

The crypto community’s contributions will help re-establish crucial research funding for new discoveries and better treatments to save the lives of family and friends.

Per the official crypto fund website, donations can be made in bitcoin (BTC), bitcoin cash (BCH), ether (ETH), litecoin (LTC), zcash (ZEC), gemini dollar (GUSD), basic attention token (BAT) and chainlink (LINK).

The nonprofit health organization said that the first donor who contributes $250,000 or more would have the chance to name the fund. On the other side, donors with over $10,000 contributions will appear on the crypto fund’s wall of honor.

Cryptos Playing a ‘Pivotal Role’ in the Fight Against Cancer

Jeff Klass, the interim chief digital officer at the American Cancer Society, commented on the announcement:

We want as many people to join us in our mission as possible. To do that, we need to ensure people can give to the fight against cancer when, where, and how they choose. We appreciate The Giving Block’s work to help make this possible.

Moreover, the American Cancer Society recognizes “the emergency of cryptocurrency,” specifically the impact cancer has across the crypto community.

Pat Duffy, a co-founder of The Giving Block, said the following about cryptocurrencies’ relevance in this kind of initiatives:

I believe cryptocurrency will play a pivotal role in curing cancer. (…) With bitcoin hitting a new all-time high, the creation of this new fund opens the door for the booming crypto market to save lives.