Philanthropy has been one of the most notable use cases for cryptocurrencies since early in its history. Many early adopters saw crypto donations as a way to spread awareness of Bitcoin and other digital currencies, with millions of dollars (hundreds of millions, if adjusted for current market rates) spent to support healthcare, human rights, and other causes that captured the interests of the community.
Unfortunately, these institutions have barely had the infrastructure in place to take their crypto gifts, and it is still most common for funds to be converted into instant fiat. In these cases, some might benefit from having the means to easily store and manage their bitcoin funds, while others may simply need more control over their invoicing and accounting. Giving these groups the support they need to make cryptocurrency accessible and convenient will pave the way for greater adoption, as well as opening the door to more funding and more time to focus on effective change.
This week, we kick off Universal Human Rights Month with the announcement that Trezor has partnered with Tor Project to help philanthropic organizations such as NGOs and not-for-profit organizations wishing to use crypto for a larger cause, receive and secure cryptocurrency donations custody. , without necessarily the need to exchange money for fiat. This is a huge milestone in the management of institutional crypto funds, targeting the groups that benefit the most and whose work is helping the world become a better and fairer place.
We are open to hearing from any organization, but believe that our efforts will be best applied to those organizations operating in the areas of personal data protection, cyber security, open source enterprise development, human rights protection, state censorship reduction , or support. to prisoners of conscience and political prisoners. Where there is overlap in one of these areas, we would be delighted to hear from you.
As a security company, SatoshiLabs’ initial efforts will focus on those organizations that show significant overlap with our area of expertise, so we can be most effective in assessing the best approaches for each use case. The Tor Project, with which we have partnered to make this possible, embodies the exact type of organization we intend to help, and will contribute their eighteen years of experience to support this initiative.
All you have to do to be considered for this pilot project is to complete our application form, which is available on the SatoshiLabs website. If your organization is aligned with the areas mentioned above, we will contact you to discuss the scope of collaboration and how Trezor can help secure and manage your funds. For security purposes, we will provide Trezor hardware wallets for your organization to use, as well as an onboard webinar with Project Tor and the Trezor team to help set up everything safely.
It’s not just about keeping the lights on, it’s about harnessing the potential of Bitcoin and other cryptocurrencies to help bring more sustainable and effective change to the world. Previous campaigns involving cryptocurrency and charitable causes have been effective in spreading awareness and raising emergency funds, but have largely failed to establish a long-term strategy towards crypto enabling a more equal, compassionate future.
As part of this pilot project, Trezor will work with Project Tor and co-operatives to draft, review and publish a methodology that any eligible organization can follow to enable, secure and manage cryptocurrency gift custody. We hope to join at least 20 organizations and provide them with the necessary Trezor hardware and software for free, so that they can work with us to refine this methodology over the next two months.
Organizations participating in this open call, in return for their feedback and co-operation in developing the methodology, will be given the following:
- Set of Trezor hardware wallets.
- A heartbreaking call with Trezor support experts, covering founding and best practices for managing cryptocurrency gifts.
- Access to the project community to foster ideas and share experiences.
- Recognition in the published methodology.
For now, there is no limit on the number of organizations that can subscribe so please do your part and share this with any charity or not-for-profit that you think would benefit from participating. Based on the response to this open call, we reserve the right to close applications before releasing the methodology.
Our recent collaboration with Tor Project to implement the Tor Switch in Trezor Suite revealed the need for professional support in cryptocurrency payments. Businesses and organizations that accept bitcoin gifts rarely have the necessary procedures in place to hold onto these gifts and see them realize their long-term growth potential.
While we encourage all businesses to operate a crypto payment portal, we want to help those philanthropic projects with limited budgets make the most of cryptocurrencies, attracting new donors that crypto is the best way to donate. The convenience, accessibility, and privacy afforded by using bitcoin to contribute could encourage a new inflow of funds to help recover from the stress of the global COVID pandemic, and could attract individuals who wish to give back to the community after a profitable year.
Paying with bitcoin is a common thing, but a lot is done through portals that exchange cryptocurrency for an immediate fiat. As institutional investors turn to holding bitcoin and using cryptocurrencies, charitable causes should be helped to do the same. Not all cases fit into one model so we have to assess the environment and provide solutions that can assist all types of organization. This is a unique opportunity to enable not-for-profit organizations to become more financially sustainable by taking advantage of the digital economy, in a way that suits them best.