American Cancer Society Debuts a Crypto-Only Fund; Sets A Goal of Raising $1 Million
The American Cancer Society (ACS) has launched a crypto-only fund in collaboration with The Giving Block, a crypto-focused firm that facilitates donations to non-profit organizations. According to the website announcement, ACS intends to raise as much as $1 million within the first quarter of 2021. All the funds will be allocated to funding critical cancer research.
ACS stated that its funding ability has significantly dropped owing to the Covid-19 pandemic; in fact, 2020 was the lowest funded this century. The figure went down by 50%, a statistic that ACS hopes to reverse by adding alternative funding methods such as crypto.
In its appeal, ACS recognized the underlying potential in crypto-assets and how cancer affects cut across this burgeoning industry as well. The society’s Interim Chief Digital Officer Jeff Klaas said that the move to invite crypto donations is an effort to increase participation in the ACS mission. He added that,
“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.”
As for the crypto donations, the ACS crypto fund will be accepting the following cryptocurrencies; Bitcoin, Bitcoin Cash, Ether, Litecoin, Zcash, Gemini Dollar, Basic Attention Token, and Chainlink. This initiative has also come up with an incentive that will allow the first over $250,000 donor to name the fund while those who donate $10,000 or more will be featured on the Cancer Crypto Fund wall of honor.
Meanwhile, The Giving Block plays an important role in crypto donations since it was founded in 2018. They have worked with over 120 organizations, including popular names like United Way Worldwide and the National Society of Black Engineers. Within that period, the firm has enabled millions of crypto donations.
Pat Duffy, a co-founder of The Giving Block, said that crypto would play a pivotal role in curing cancer. He went on to note that a bullish market is perfect for the ACS crypto fund,
“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.”