Fundraising with crypto currency empowers Nigerian women
WONDER Foundation, an organisation that supports 48 furloughed college employees in Nigeria, plus many others, and uses crypto currency as a fundraising tool recently celebrated mined ETN equivalent of over US $30,000 in 12 months. Since their establishment in 2012, the non-governmental organization (NGO) has supported over 50,000 women and girls through 37 projects.
WONDER Foundation began looking at crypto for the first-time last year. After exploratory talks with UK-based crypto startup Electroneum, they decided to start mining for ETN block rewards. In July 2019, they began validating the Electroneum network in exchange for ETN block rewards.
They also recently signed up to Electroneum’s ETN donate website. That was the result of the Electroneum upgrade to Moderated Blockchain, powered by their Proof or Responsibility protocol, which enabled the award-winning crypto to work with NGOs as trusted transaction validators.
By the end of last year, WONDER reported they had received nearly US$19,000 in ETN rewards. WONDER Director and Trustee Carmen Gonzalez said, "Those block rewards are helping support and empower 100 women and their families in Kamalini, India for the next three years."
The latest ETN block rewards equivalent to US$11,250 was sent to the Wavecrest College of Nigeria to support 110 girls to transition to online learning, and financially support 48 employees furloughed due to the pandemic.
Gonzalez explained that these girls and women will get mobile data and at least 32 virtual lessons from Wavecrest. The block rewards were also used to donate five new laptops to Wavecrest teachers to continue their online classes.
"We are extremely pleased to see how cryptocurrency donations have helped us significantly further our objective to transform the lives of these girls and women through education, particularly during these unprecedented times," said Gonzalez. Another portion of the block rewards was used to provide the 110 students and their families with food supplies to help ease the economic hardships the Covid-19 lockdown has exacerbated.
Save the Children is arguably the first NGO to have set their eyes on cryptocurrency as a novel way to fundraise. In a report, they stated that they began receiving Bitcoin in 2013 and that they are also currently accepting Bitcoin Cash, Ethereum, ZCash, Litecoin, and the Gemini Dollar.
More recently, in October 2019, the United Nations Children's Emergency Fund (UNICEF) announced it would start using cryptocurrencies to fund open-source technology benefiting children and young people worldwide. Their first crypto donation came from the Ethereum Foundation.
As NGOs, whose objectives are to help children, women and their families break the cycle of poverty through education, seek new ways to increase their income, cryptocurrency is gradually becoming a fundraising tool they should not be underestimated.