There’s no denying that the cryptocurrency market has grown from strength to strength over the past couple of years as is made evident from the fact that the total capitalization of this rapidly evolving space recently reached a whopping $3T late last year, albeit briefly. This monumental, historically unparalleled growth has given rise to a novel concept referred to as ‘staking’.
In its most basic sense, staking refers to an act through which investors can lock up their crypto assets so as to earn handsome returns while retaining complete control of them The entire process is quite easy to process and allows users to choose from a host of different tokens, staking periods, etc — with each of these aspects having a tangible difference on the amount of interest that can be accrued.
Cryptocurrency charity is on the rise
As the cryptocurrency market has grown, more and more people have begun to view digital assets as a perfect means of facilitating donations. This is because cross-border cryptocurrency transfers/donations — unlike traditional fiat assets — cannot be banned by a single regulatory body. Not only that, when compared with traditional methods like SWIFT, crypto transactions are much faster and cheaper. This was on full display recently when many anti-war, digital asset proponents sent over $200M worth of Bitcoin, Ethereum (alongside various other cryptos) to help the Ukrainian military with its wartime efforts against Russia.
Similarly, Fidelity Charitable, one of America’s largest charitable organizations, revealed that over the course of 2021 alone it received around $331 million in cryptos while Giving Block, another popular crypto donation platform, reported $69 million in total donations over the same time window, a spike of over 1,550% from 2020.
As crypto has made charity easier and more accessible, a growing list of prominent NGOs have started accepting digital currencies. For example, UNICEF recently launched a new crypto donation portal called ‘CryptoFund’ with other big name players such as Red Cross and Greenpeace having also done the same. In all, it is estimated that over 1,300 major nonprofits now accept crypto donations with many more likely to follow suit in the near future.
Staking and donations go hand in hand… A closer look
With the idea of staking quickly gaining a lot of traction across the global investor landscape, a growing number of individuals are beginning to look for platforms that can not only help them acquire tangible financial rewards but also facilitate crypto donations for them in a seamless fashion.
Philcoin is one such platform. It not only makes it possible for investors to generate a stream of passive income effortlessly but also empowers a number of charities while doing so. To elaborate, in addition to gaining exposure to the burgeoning cryptocurrency ecosystem, users buying and holding Philcoin (PHIL) are able to support a host of social causes simply through their staking actions.
A portion of all generated rewards via the Philcoin ecosystem are distributed to their rightful stakers while a big chunk is donated to the charities of one’s choice (that are directly affiliated with the platform). In essence, the purpose of Philcoin is to establish a global interactive ecosystem where the daily use of IOT (Internet Of Things), social media, educational/communication resources can help users learn about various issues plaguing the world while also allowing them to actively eradicate these problems in a systematic manner.
The future looks good
It is estimated that over the course of the next five odd years, the digital asset industry will continue to expand at a compound annual growth rate (CAGR) of 58.4%, with the total valuation of this space reaching a whopping $32.4T by 2028. Thus, with a growing amount of capital entering this space, it stands to reason that more and more people will continue to stake their crypto assets as well as employ them for various charitable purposes in the future. Therefore, it will be interesting to see how the future of this space continues to play out from here on end.
