GiveCrypto Year in Review — 2020

To say that 2020 was an interesting year is an understatement. As the world came to a screeching halt, digitization accelerated. Cryptocurrency was no exception. We believe blockchain technology and crypto will only continue to play a larger role in helping people around the world in 2021.

As I write this, lockdown orders are spreading globally, and the distance between people has never felt larger. Yet, our ability to share things digitally — including money — has never been easier, faster, cheaper or more transparent. This has been a year of reflection for many, as well as for our organization, and I am proud of all we’ve accomplished. Here’s the rundown.

The Industry’s First RCT

We conducted a randomized control trial in Venezuela (Phase 4 of our “Ambassador Program”), where we learned a tremendous amount about how cryptocurrency can be a powerful force for good.

To catch you up, the Ambassador Program is a project we launched in 2019, in which we’ve partnered with volunteers passionate about cryptocurrency to help onboard recipients in Venezuela — a country struggling with poverty and hyperinflation. Because our volunteers are on the ground and understand the local context better than anyone, they have been able to successfully (and quickly) get crypto into the hands of people who need it most. We also recruited local stores to accept cryptocurrency, so that our recipients can purchase necessities like food and medicine. Meanwhile, field operations contractors did consistent check-ins with ambassadors and recipients to limit fraud.

Phase Four of the Ambassador Program, which included this RCT, ended in July. We gave money to over 1,000 families, sending weekly funds to individuals to cover the cost of basic necessities for a week. We compared the outcomes of $10 transfers in crypto with $10 transfers in cash over fifteen weeks (against a control group paid $40 to complete impact surveys).

The results taught us that crypto transfers had a statistically significant reduction on how often people go hungry and on their psychological well being. We found that cryptocurrency transfers were as good as cash transfers. But, they are logistically easier and less expensive than cash, especially in countries like Venezuela. View our micro-site to read more about the results.

Crypto Donation Marketplace

While our RCT was successful, we decided to focus efforts on the crypto donation marketplace in mid 2020. This web app allows anybody in the world to apply for help and anybody in the world to provide help with cryptocurrency. Recipients receive a set amount of crypto for six weeks depending on their World Bank PPP (ranging from $20-$50 a week, with all transfers in ETH). Our primary goal is to make the onboarding process easy for recipients and donors alike. We are gearing up to expand our offerings in 2021, including more detailed data on recipients and their donation request. Stay tuned for updates.

Coinbase Integrations

In order to further the reach of GiveCrypto, we helped launch a “donate to GiveCrypto” banner in the Coinbase iOS app in January as a way to motivate giving.

In the Fall, we launched additional integrations on the Coinbase app and website, and there are now numerous entry points where users can donate. For added incentive, those in the US may also be eligible for tax deductions for their donations. We’re looking forward to a continued relationship with Coinbase in 2021.

Staying Connected

In the midst of a global crisis, there are a myriad of worthy causes to which you can donate. What makes GiveCrypto exciting is that we can use crypto currency to help people that would normally be out of reach. The reality is that now, more than ever, it’s difficult to physically help people in need. But we can reach them via crypto transfers.

In 2021, through our work at GiveCrypto, we plan on continuing to do good through cryptocurrency. The world could really use it right now.

As always, we love to hear from supporters outside of our updates. Please follow along on Twitter and our blog for information on our programs.