In July 2021, Rwanda-based non-governmental organization (NGO) Save the Children announced that it had partnered with the Cardano Foundation on a project that allows well-wishers to donate in the form of cryptocurrency.
Save the Children’s Meat there is
At the time, it was revealed that Save Children’s Acceptance there is The donation was not the first time a non-governmental organization (NGO) accepted crypto. In fact, Save the Children says it has been accepting donations in the form of cryptocurrency since 2013.
However, some have questioned the prudence of accepting donations as currency, arguing that it is too volatile. On the other hand, others want to know why a charity that is over a hundred years old chose to work with Cardano.
To understand why NGOs made these choices, Bitcoin.com News contacted Ettore Rossetti, Senior Advisor, Digital and Marketing Innovation at Save the Children, via email.
Bitcoin.com News (BCN): Cryptocurrencies are generally volatile yet Save the Children is one of the first NGOs to accept them. how did it start?
Ettore Rossetti (ER): In late 2013, the bitcoin community contacted us to support our hurricane relief in the Philippines. We already knew about bitcoin from some of our gamer supporters and this investigation was the key point for us to establish internal mechanisms, policies and procedures to accept it.
BCN: Can you tell us the inspiration behind the Save the Children axis turning cryptocurrency?
Is: I wouldn’t call it a pivot, I would call it an additional way to support our mission and our belief that children have the right to a bright future: good health, quality education and protection from violence. We do everything we can to help children in over 100 countries.
BCN: There is a divided opinion about cryptocurrencies, yet Save the Children continues to adopt them. Aren’t you worried that some negative stories about crypto might upset some of your traditional donors?
Is: Right now, cryptocurrency donations are a very small part of our personal revenue in percentage terms. However, it holds hope and potential for us to reach a new and different kind of donor and inspire the next generation of donors and philanthropists. No one is obligated to buy, hold or donate cryptocurrencies if they do not wish to do so. We accept both fiat and crypto donations on our website https://www.savethechildren.org/bitcoin.
BCN: You recently launched a platform that allows well-wishers to donate through there is cryptocurrency. What has been the reaction or response from the donor community?
Is: It is too early to draw any conclusions now. To come up with a successful innovation, we need to try new and different solutions, to test and learn what works and what doesn’t. One key to successful innovation is timing: if it’s too early or too late it will fail but if the timing is right it can work.
BCN: Can you explain the importance of blockchain technology?
Is: Blockchains such as DLT (Distributed Ledger Technology) have the potential to disrupt and revolutionize traditional systems and processes. The social sector is no exception. Some are calling it Web 3.0 Just as the Internet and social media change the game for social change, so does Web 3.0.
BCN: How much has Save the Children raised through crypto over the years?
Is: We have gathered over seven figures in the legal value of cryptocurrencies over the years.
BCN: Many cryptocurrencies have lost more than a quarter of their value after the bull market hit new all-time highs. So how do you ensure that the crypto donations you receive in a bull market are protected?
Is: Our current policy is to convert cryptocurrency donations to fiat currency immediately upon contribution. Thus, our approach is to use it as an immediate impact vehicle rather than an investment vehicle.
BCN: Can you explain why you chose to partner with Cardano?
Is: cardano (there is) is supported by the Cardano Foundation, is interested in community-driven projects in Africa – one of the continents in which we operate – and has committed to a stake pool for nonprofits.
BCN: Are you ready to work with other crypto organizations as well?
Is: Yes, Save the Children is ready to work with other cryptocurrencies, blockchain, NFT projects and charity tokens. For inquiries, email bitcoin@savechildren.org.
What are your thoughts about this interview? Tell us what you think in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons
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