LONDON: UK-based humanitarian charity Penny Appeal has announced that it would take part in Crypto Giving Tuesday, the biggest day for cryptocurrency generosity, to raise digital donations for its efforts to support the victims of Pakistan’s floods.
Devastating floods since June have killed more than 1,700 people, displaced 7.9 million, and inflicted billions of dollars of damage. Pakistan’s authorities estimate property damage could be as high as $40 billion.
“Bitcoin is more than just an investment; it can also be used to make charitable donations, that’s why on Nov. 29, crypto enthusiasts around the world will be taking part in Crypto Giving Tuesday,” the international charity said in a statement.
“Just as Black Friday and Cyber Monday kicked off the holiday shopping season, Crypto Giving Tuesday is a day for people to show their support for charities and nonprofit organizations that accept cryptocurrency donations,” it added.
Penny Appeal said it has been utilizing platforms like The Giving Block, which helps facilitate cryptocurrency fundraising for nonprofit organizations, to make it easy for people to donate using their digital assets.
The charity’s projects include humanitarian response work, solar-powered water wells, climate-smart villages and education sponsorships for orphans. They are currently working on building permanent homes for those who have lost everything in the floods in Pakistan.
“We’re extremely excited to be able to receive cryptocurrency donations,” said Adeem Younis, founder of Penny Appeal. “Cryptocurrency is playing an increasingly important role in philanthropy, and we hope that Crypto Giving Tuesday will encourage more people to donate cryptocurrencies to support life-saving aid for millions of victims of the Pakistan floods.”
Last year, the day raised over $2.4 million and saw nonprofit participation rise by 839 percent, according to data provided by The Giving Block.
“This year, the team behind Crypto Giving Tuesday is hoping to build on that success and raise even more money for charity,” Penny Appeal said.