Our mission from the very beginning of WeTrust has been fostering financial inclusion. We envision a world in which everyone has equal access to financial tools to improve their lives. That’s why we created our first product, Trusted Lending Circles, a ROSCA-inspired decentralized app for collaborative savings on the blockchain.
In working to reach customers who need this product, we recognized an opportunity to support the nonprofit organizations and charities that are already serving the underbanked communities that our products were designed to help. Partnering with nonprofits that align with our vision of financial inclusion, we theorized, could bring us greater scale in helping these communities.
Naturally, we wanted to test our theory, so we designed a survey of charitable giving habits to learn more about how we could help align crypto donors and nonprofits. We received about 150 responses in just a few days and were pleasantly surprised by how many survey respondents said they would be willing to engage with us on further follow ups.
Confirming our product hunch, we found that the overwhelming majority of respondents do want to contribute cryptocurrency to their favorite charitable causes but have few opportunities to do so. The results also showed us which causes our community is most interested in supporting and the distribution of how much the community contributed to charitable causes in the past year. Another thing is for certain: our community is a generous group, with the majority having donated between $100 to $10,000 in the past year.
Since our community members kindly took the time to participate in our survey, we wanted to share the results with you.Results of our survey on charitable giving
Our community is most passionate about causes that support children, education, and health. Those are all causes we can get behind, too!
While the majority (67%) donated less than $500 to charity in the past year, a significant number of people donated more — sometimes much more.
Interestingly, a majority of our survey respondents didn’t take advantage of any tax benefits from their charitable contributions. We recognize that we have an international community subject to different tax laws and not every US taxpayer takes itemized deductions (which includes the charitable deduction), but we wonder if there may be other factors in play that resulted in almost 60% of respondents not taking the charitable contribution deduction.
As part of our mission to encourage blockchain for social impact, we plan to provide educational resources for those making cryptocurrency donations, as well as for the nonprofits receiving them.
We also learned that 75% of respondents are interested in making donations in cryptocurrency, and yet, only 21% have donated in crypto in the last year.
Lastly, we wanted to know if donating to your favorite causes was rewarding enough or if you might be interested in getting something blockchain related in return for your charitable inclination. Interestingly, the community is pretty split on this topic.
Thank you for taking the time to review the results of our community’s charitable giving habits survey. We’re so honored to be part of a group of people who care about the world and want to make it a better place.
And, we’re excited to be able to help steer things in a positive direction, while also encouraging the adoption of blockchain technology.
As we continue our research into this market and look for ways to address the demand for donating crypto to your favorite causes, we’ll keep you updated with what we’re learning and the progress we’re making on this initiative.