In an era characterised by technological innovation and a growing emphasis on social responsibility, the realm of philanthropy has undergone a remarkable transformation. The emergence of cryptocurrencies and blockchain technology has introduced a new paradigm – one that blends financial innovation with the desire to create meaningful social impact. We are excited to bring to you our first series of posts that focus on a range of crypto philanthropy topics ranging from exploring the regulatory complexities to examining general trends, from spotlighting its role in global crisis response to analysing its adoption across regions. These series collectively paint a comprehensive picture of how crypto philanthropy is both reshaping and complementing traditional notions of giving.
Join us in the next few weeks as we delve into the realms of innovation, regulation, and global impact, as digital currencies revolutionise the way we address social challenges and extend a helping hand to those in need.
COVID-19 hit the world unexpectedly and wreaked havoc in communities around the globe not only causing death, and sickness, affecting health systems, leading to unemployment, and further infringing upon the rights of women and girls. Government systems became overwhelmed and civil society organisations (CSOs) were there to fillin the gaps despite the challenging funding landscape and competitive donor environment in which they operate. The advent of COVID-19 exacerbated the need for CSOs operations in more communities. Despite COVID-19 worsening the funding situation of CSOs, they continue to be at the forefront and frontlines, yet they are under-resourced therefore creating a need for CSOs to be innovative in the current competitive funding environment.
Some key areas in which CSOs need to build back better include developing value-adding partnerships not only with funders but also with other CSOs, with the private sector, developing a critical mass of leaders that can effectively lead in times of change, strengthening sustainability be it financial, institutional, and programmatic, and embracing innovations and new ways of doing things.
Blockchain and cryptocurrencies, for instance, present an opportunity for philanthropic organisations and CSOs to advance their programmes and address the key issue of funding diversification post-COVID-19. However, whilst a considerable number of financial resources are being made available for blockchain technology development and handling of cryptocurrencies (supply side), limited effort is being given to sensitizing end-users (demand side).
As civil society organisations build back better towards strengthening their resilience and growing their capacity to generate resources for philanthropic giving in this post-Covid-19 era, it is important, now more than ever, for civil to tap into innovative ways of generating alternative sources of funding. Crypto philanthropy is definitely something worth exploring as part of civil society diversification of funding.
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