Covenant House, a charity that helps at-risk, homeless, and trafficked youth, recently held a crypto charity event around a “Merkle Tree.” The tree was a Christmas tree connected to the Ethereum blockchain, and it lit up every time an Ether donation was received. The event, dubbed “Merry Merkle Tree” aimed to raise $25,000. However, after after catching the eye of cryptocurrency enthusiasts, it managed to raise over $70,000 in Ether.
According to CBC News, event organizer and Truebit COO Robbie Bent, along with other cryptocurrency traders, decided to give back some of what they earned thanks to this year’s cryptocurrency craze. He stated:
“We noticed there’s [sic] a lot of people who made a lot of money this year in this space and a lot of people who have a real desire to give back. We thought this would be something cool that was just fun for a really good cause. Our community just wanted to try it out, and the results were really, really awesome.”
The crypto charity event organizers accepted both Ether and fiat donations. According to Bent, cash donations totaled around $3,000. The money collected so far is expected to provide about 100 youngsters with food for three months. After blowing past their initial goal, the event’s organizers now hope to raise $200,000, enough for a year.
Bruce River’s, Covenant House’s executive director, thanked the community for its support. He said: “We’re very grateful to the blockchain community and excited about this new opportunity to raise funds for our agency through cryptocurrency.”
Covenant House is Canada’s largest charity dedicated to helping at-risk youth, anywhere between the ages of 16 and 24. It currently provides shelter, healthcare, job training, and counseling to 250 youngsters a day. To help the organization improve its reach, the fundraiser is set to continue for another two weeks.
Crypto charity efforts
Although bitcoin and other cryptocurrencies haven’t been around for even a decade, charity is already part of their history. According to CNBC Fidelity Charitable, a donor-advised charitable trust fund run by Fidelity Investments, raised over $22 million in bitcoin this year.
Last month a bitcoin millionaire going by “Pine” created the Pineapple Fund. The fund is set to donate $86 million in bitcoin to charitable organizations, and has already donated $15 million. Some of its donations were sent to organizations fighting for universal health care, clean water, internet privacy and net neutrality, and stable housing worldwide. All donations were of $1 million.
Wow! Gift of a lifetime to the open world! Pineapple Fund just gifted $1M in bitcoin to @internetarchive. We are blown away — we’ll strive to preserve our digital world. THANK YOU #pineapplefund ????????? 2018 looking up! pic.twitter.com/5eog8NTYKs
— Internet Archive (@internetarchive) December 24, 2017
The Dogecoin (DOGE) community is particularly known for its charitable donations. In the past, Dogecoin community members raised $80,000 to help the Jamaican bobsled team make it to the Sochi Olympics. The team had qualified, but couldn’t afford the trip without the donations. Last year, the “Dogecoin Socks For the Homeless” project was created with the goal of donating socks to homeless people on a continual basis.