WeTrust [TRST] SAVINGS & INSURANCE PLATFORM
WeTrust - Donate in Crypto? 77 Percent Say Yes.
How generous are crypto holders? According to a new survey, very.
The results of a Pollfish survey of 1000 crypto holders found that 77 percent are interested in making a donation in cryptocurrency.
There were three results from the survey that really stood out to us.
77% Want to Donate in Cryptocurrency
The most striking result of the Pollfish survey was that a vast majority of crypto holders want to donate cryptocurrency — 77 percent. That’s more than three-quarters of those surveyed.
One of the reasons we started WeTrust Spring is because we thought there were crypto holders out there who would want to donate cryptocurrency. We asked our friends and other crypto companies if they agreed with us, but this unbiased survey seems to prove it.
24% Are More Likely to Donate in Crypto
The survey found that 24 percent of people would be more likely to donate to a charity if they were able to do so in cryptocurrency.
This is the reason we started WeTrust Spring. There are crypto holders out there who are not only interested in donating their cryptocurrency, but they’re more likely to donate at all if they can do so in cryptocurrency.
If charities aren’t accepting cryptocurrency donations, they’re missing out on a population of people who want to donate, but can’t donate how they want to. WeTrust Spring makes it easy for nonprofits to begin accepting cryptocurrency donations and taking advantage of those donors who only want to donate in cryptocurrency.
Donate to Charity or Buy a CryptoKitty?
Cryptocurrency is a new and changing field. As new technology is developed, the market is shifting to understand what cryptocurrency can do and what’s important to those participating. One such thing to come out of the new technology is a CryptoKitty. A CryptoKitty is part of a blockchain-based game, where players can purchase, collect, breed, and sell various virtual cats. Each cat has a unique signature, making some inherently more valuable than others.
Respondents to the Pollfish survey showed a stronger interest in donating cryptocurrency to charity than purchasing a CryptoKitty. 79 percent are interested in donating to charity while only 71 percent are interested in buying a CryptoKitty.
- 55 percent of respondents believe that crypto holders are more generous than the general population.
- 90.5 percent of those surveyed reported that they had made a donation to a charitable cause in the past.
- 63 percent of respondents have made a charitable donation in the last 12 months.
- 62 percent of respondents believe that charities and nonprofits should embrace cryptocurrency as a new source of funding (in comparison to those who said charities are doing fine without cryptocurrency donations.)
- 63 percent of those who responded to the survey said they would like to donate more money to charities
If you’re not yet familiar with our new platform, WeTrust Spring is a platform that allows nonprofits to raise funds in cryptocurrency. On Giving Tuesday, we did a donation-matching campaign for anyone who donated Ethereum to one of our nonprofit partners.
The Pollfish poll was sponsored by WeTrust. Pollfish applies machine learning and programmatic delivery to survey its network of over 550 million people. Their network can be specifically targeted across their 140,000 vetted partner apps, giving the results unprecedented accuracy.
If you’d like to know more about our donation-matching campaign or WeTrust Spring, you can go to https://spring.wetrust.io/.
WeTrust [TRST] - Four Takeaways from Binance’s Marketing
As of January 2018, China based Binance is the world’s largest cryptocurrency exchange, and at present time its BNB cryptocurrency token has a market cap of over 600 million dollars. Binance has achieved this rapid growth through its exceptional marketing efforts. The company allocates 50% of its funds towards branding and marketing, including continuous education on blockchain and Binance’s role in the blockchain ecosystem. By doing this, Binance not only promotes itself to cryptocurrency investors and attracts users to its platform, but also spreads awareness and adoption of blockchain among the general public. Given their leading position in the industry, there’s a lot that blockchain businesses can learn from Binance’s marketing strategy. Here, we look at four key elements of this strategy.
Build a Sense of Community
A great example of Binance’s community building efforts is their video competition campaign. Binance asked users to make videos explaining what the company does, and to upload those videos to YouTube. The creators of the best videos would win Binance’s BNB tokens. This campaign encouraged users to advertise Binance to the rest of the world. In the process, those users thought about Binance’s selling points and began to feel that they were representatives of Binance. They may even perceive the video they made as a small commitment to Binance’s values and mission. The winners of the video contest may feel obliged to reciprocate Binance’s generous token prize by further evangelizing the company. And, even those who did not win the video contest or who did not participate would still see the large number of videos promoting Binance and come to think more positively about the company. In this way, Binance very effectively leveraged a sense of community and belonging to further its promotional goals.
The community that has developed around the BNB token is another great example. Binance lets users vote on which tokens they would like to see listed on the exchange. By doing this, they promote a sense of ownership among their users, making them feel as if they are a part of the decision making process. In addition, the publicity around voting for tokens drives further engagement on the Binance platform and furthers the idea that Binance is creating a community of like minded and empowered blockchain enthusiasts.
Spirit of Competition
In addition to the video competition mentioned above, Binance regularly creates other contests to promote its brand. These include coding competition targeted at its technically inclined users and music competitions among its musically gifted users. Members of the blockchain community have been very active in participating these contests, and interest in the contest has generated additional publicity for Binance. By leveraging their users competitive instincts, they have also found a way to let its community create authentic and passionate marketing material. As an added benefit, Binance has now separated its committed community into channels with specific interests in topics like coding or music. It can then target its messaging specifically towards people with those interests.
In the book Delivering Happiness, entrepreneur Tony Hsieh writes about how happy customers of his company Zappos were when their shipping was surprisingly upgraded for free. In addition to generate great feelings about the brand, the customers ended up telling their friends about the free upgrade, creating even more buzz for Zappos in the process. Unexpected gifts and benefits can go a long way towards creating a positive impression of a brand. Binance has used this type of marketing strategy by using 20% of its profit to offer users free trades and “buyback and burns”. Bold and generous marketing campaigns like this have created a lot of positive buzz and word of mouth. In one case, Binance even announced a surprise Lamborghini giveaway that created a lot of excitement among its fans.
One common theme of Binance’s marketing efforts is their focus on experiences. These experiences can range from creating a piece of music or a video promoting Binance to a sudden realization that a free trade has occured to voting on which tokens to list on Binance next. These experiences make the users actively participate in building the Binance brand and platform, giving them both a sense of ownership and a feeling of investment in the company’s success. In addition, Binance targets specific users with each of their marketing campaigns and crafts specific experiences that will appeal to those users. The result is a virtuous cycle in which users do more with Binance, which generates more revenue and can give its users more positive experiences, which only leads more users to do more on Binance.
Binance holds valuable lessons for everyone in digital marketing, both inside and outside the cryptocurrency space. All start-up companies can learn from Binance and leverage a sense of community, competitive spirit, exciting surprises, and meaningful experiences to achieve viral growth.
Types of Cryptocurrency Donors
With the launch of the Spring platform and a very successful Giving Tuesday campaign that has seen more than 190 Ether donated to charitable causes, here at WeTrust we have began to ask ourselves… Who are these cryptocurrency donors?!
Statistics show that 96% of Ethereum users are men and that 84% of MyEtherWallet holders are men, but these statistics do not answer “why do cryptocurrency users care?” or “why do they donate?”. Our research has shown that there are four different types of donors whose motivations for giving range from being more pragmatic to more socially conscious, and who hold an amount of cryptocurrency ranging from less than one Ether to large amounts. Let’s take a look at these four types of donors here. We hope that by sharing this research, we will be able to help organizations raise money for their causes.
- Generous Crazy Rich
The Generous Crazy Rich cryptocurrency donor is usually an early player in the cryptocurrency space who has seen significant gains with her or his token holdings. They have made a fortune that is more than what they can reasonably spend in a lifetime, and are interested in using some of that fortune to improve the world. They tend to think about social responsibility first and foremost when they donate, and they care deeply about the growth and prosperity of the blockchain ecosystem at large. In fact, as early adopters of the blockchain, they believe that it will replace many existing systems and lead to a more fair and efficient society in the process.
Quote from a Generous Crazy Rich cryptocurrency donor: “I have been in this space from the very beginning. I’ve earned enough money for my kids and grandchildren. Money does not matter. I want to do something for society.”
2. Tax-shy Crypto Whales
This type of donor usually holds less cryptocurrency wealth than the Generous Crazy Rich donor, but still has significant digital assets. Before becoming involved with cryptocurrency, they were already stock or bond investors who had concerns about their taxes. Often times, they had already been making donations to causes they cared about to offset the taxes on their traditional investment gains. Since they were making donations for tax purposes already, it made sense for them to continue to donate their cryptocurrency wealth to save on taxes. In the process, they can also support valuable causes that have personal importance to them. However, since the current options for donating in cryptocurrency are limited, WeTrust Spring is a valuable tool for these Tax-shy Crypto Whales.
Quote from a Tax-shy Crypto Whale donor: “I bought some Bitcoins in 2013. Since I have earned a lot, I need to deal with taxes. I donate because the tax is annoying and also because it makes my girlfriend happy.”
The Crypto-Utilitarian has either never donated to a non-profit organization before, or has donated rarely. They entered the cryptocurrency space seeking opportunities to grow their wealth, but have not made so much wealth in the space that they must be mindful of their taxes. These cryptocurrency holders are the hardest to convert into customers on a donations platform like Spring. That being said, they represent a large untapped market for non-profit organizations seeking new sources of donations, and tax incentives may motivate them to begin donating in crypto.
Quote from a Crypto-Utilitarian: “I became interested in crypto in 2014 because I saw the earning opportunity. I’ve never donated to any organization, but if I can save on tax easily, I would think about it.”
4. Considerate Crypto Lover
This type of donor cares deeply about the social contribution they can make with their cryptocurrency, but they do not hold a large amount of cryptocurrency. The impact of each of their donations is smaller than that of the crypto whales, but the accumulation of their donations will end up making a huge impact. These donors value every little thing they can do to make the world a better place, and often want to promote a positive and generous image of the cryptocurrency community.
Quote from a Considerate Crypto Lover: “I love crypto. I joined the space in 2015. I care about sustainability and the environment, but do not earn enough to make a generous donation.”
When building and marketing a cryptocurrency donations platform like Spring, it is important to understand the different segments of users and their motivations for donating. For each segment, there are different concerns that must be addressed in designing the product and specific channels that can be used to promote cryptocurrency donations.
Expanding WeTrust Spring
Announcing the addition of 10 new organizations to the Spring directory
On WeTrust Spring, we have begun compiling a master list of all open source and community-driven organizations that accept Ethereum for funding. Over the course of the next two weeks we will be posting the following additional organizations to spring.wetrust.io:
- Prysmatic Labs
- World Privacy Forum
- Democracy Earth
- Develop Africa
- Internet Archive
Coinciding with the imminent release of a groundbreaking evolution of Spring, called Challenges, the first two organizations (Prysmatic and Chainsafe) are teams focused on Ethereum 2.0 development. With their efforts toward scaling Ethereum, WeTrust’s mission to build innovative crowdfunding mechanisms atop Ethereum will be much more attainable.
Beyond Ethereum 2.0 development, the new batches of organizations added to Spring span the gamut of interests. Coin Center, for example, works to craft thoughtful policy on, and to educate Congress on the difficulties and promises of blockchain technology. Blender on the other hand, is a popular free and open source 3D graphics creator.
Into the realm of internet privacy, World Privacy Forum and Tails are organizations working diligently to fight for this cause. Protecting our digital identities and right to privacy has become more important than ever today. Whether by monitoring and protecting against data breaches, or keeping your cryptocurrency wallet safe, these organizations are making notable efforts toward protecting the human right to privacy:
Beyond privacy, each of these new organizations are fighting for a great variety causes, and we are proud to bring attention to their work in any way possible. For example RadicalXChange, which is a community of activists, artists, economists and academics seeking to craft new free market mechanisms to heal the political polarization of the world today. Influenced by the work of Glen Weyl, WeTrust has successfully experimented with a RadicalXChange-style mechanism called Liberal Radicalism, to drive donations to great causes in 2018. WeTrust is proud to highlight their mission.
Speaking of novel mechanisms to bridge political divides, Democracy Earth is another great technology nonprofit with the mission of building blockchain-based voting applications. Paired with Develop Africa’s robust work toward empowering African communities with IT education, solar power, mosquito nets, and school supplies, and Internet Archive’s efforts to protect and archive all of the world’s most vital information, WeTrust Spring is unveiling a true powerhouse of an expansion.
Check in soon as we release this batch of additions to the Spring directory, and while we prepare for the imminent release of Challenges. In the future of money, we believe that WeTrust can become the eminent list, or directory, of public cryptocurrency addresses. While bold, this can potentially become an important mission for the ecosystem.