Charity: water, a New York-based non-profit organization, has received more than $ 1 million in BTC donations to its Bitcoin Water Trust within three weeks of the trust’s launch.
Bitcoin Water Trust was announced during the Bitcoin 2021 conference in Miami. The initiative drew attention for its Treasury Management Strategy “HODL MODL”: The non-profit organization accepts donations in Bitcoin that will not touch until 2025.
According to the charity’s website, a total of 32.5949 BTC has been donated so far, which is equivalent to more than $ 1.3 million at current prices.
The charity hopes to take advantage of the hypothetical gains that Bitcoin could make in the coming years. June 14 blog post From US-based crypto exchange Gemini, which provides crypto custody services for the trust, states that donations received by the charity today could have a much greater impact if they are sustained in the future:
“This new model of charity, the HODL MODL, creates a new paradigm for charitable giving. It brings the HODL spirit of Bitcoin to charitable giving, and it means that your donation of bitcoin today could have an even bigger impact tomorrow. “
Gemini founders Tyler and Cameron Winklevoss also agreed to match the first 50 Bitcoin donated to the Bitcoin Water Trust.
“We are delighted to help another mission-driven organization like Charity: water accept bitcoin and maximize its humanitarian efforts,” the post added.
Charity: water was founded in 2006, with the nonprofit working to launch community-owned water projects that provide clean water and sanitation to developing nations. The organization began accepting Bitcoin donations in 2014.
Related: The rise of crypto charities: Elongate and Munch raise millions for various causes.
Charity has become a popular topic within the crypto industry in recent months after Ethereum co-founder Vitalik Buterin donated billions of SHIB tokens that the creators of the meme coin had sent to his wallet.
Buterin donated a tenth of his SHIB holdings to charity after burning the remaining 90% to deter other altcoin developers from flinging massive amounts of his token supply to their wallets for promotion. India Covid Relief Fund was one of the main recipients of Buterin’s stash of dog tokens, receiving more than $ 1 billion in SHIB.
On May 31, the Human Rights Foundation (HRF), an organization that supports human rights activism globally, launched several Bitcoin-based grants as part of its $ 210,000 Bitcoin development fund.