Non-Profit Organization Social Alpha Foundation Seeks Cryptocurrency Donations for Social Good
The Social Alpha Foundation is a non-profit organization that has turned to young crypto donors in a bid to get funding for social projects. The non-profit is seeking donations in terms of grants that are to be given to entities that are currently involved in implementing projects revolving around blockchain technology and social impact.
Influential people in the crypto community have lately started finding themselves socializing with some of the wealthiest people in the world. In October this year, Bitcoinist released a report pointing out employees from Bitmain were included in the 2018 Hurun List of the wealthiest people in China.
Combined, the people in this list had a total net worth of close to nine billion dollars. In addition, BitInfoChats had earlier in the year released a statement noting that between twenty thousand and two hundred thousand people had lately become millionaires thanks in part to Bitcoin.
Social Alpha Foundation and other like-minded entities have been working hard to get the attention of cryptocurrency millionaires in order to get financing for a broad range of projects touching on social impact.
Social Alpha Foundation (SAF)
The Social Alpha Foundation is solely focused on ideas that people believe in. Founded in the year 2017, the foundation mainly deals with soliciting donations in form of virtual currency, which are then used as grants awarded to different organizations. As of today, the foundation has been able to raise more than one million dollars in the past twelve months.
According to Forbes, the organization is currently supporting six projects. Nydia Zhang, the co-founder of SAF held an interview in September, where she stated that the foundation mainly focusses on raising money from whales, and in particular high net worth individuals, ICOs, and crypto funds.
Zhang went on to state that their fundraising targets tend to be on the younger side. One of SAF’s goals is to assist in cultivating a mindset that focuses on social impact, and this is something that can only be done when individuals are at an early age. The reason why they focus on young, high net worth individuals is because they believe that the young generation currently has access to a very large pool of wealth.
According to Nydia, SAF mainly distributes the money it has raised using two separate criterions: the first category sees money being channeled to education-related work, especially that on the social impact of the blockchain. The second category is where money is funneled towards applications that focus on blockchain projects aimed at facilitating good social impact.
Handing Out Donations to Facilitate Social Change
An overview of the grant process is provided on the Social Alpha Foundation main website. All shortlisted applications are normally placed in front of a vetting committee who then conduct a series of interviews with the teams behind the proposals that have been submitted. Grant applications range between ten thousand dollars and one hundred thousand dollars. Once the application has been approved, the money gets dispersed using numerous key milestones.