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American Cancer Society To Use Cryptocurrency To Fight Cancer

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American Cancer Society (ACS) has partnered crypto-donations company The Giving Block to launch a new Cancer Crypto Fund, which is the first-ever cancer fund exclusively funded by cryptocurrency donations to be used to fight cancer.

The Giving Block makes it easy for nonprofits to accept cryptocurrency donations and for users to donate in a more tax efficient way and converts all donations to US Dollars within seconds.

"With Bitcoin hitting a new all-time high, the creation of this new fund opens the door for the booming crypto market to save lives," said Pat Duffy, Cofounder of The Giving Block.

ACS is seeking to raise at least $1 million by early 2021. The funds raised through the Crypto Cancer Fund will go directly to fund ACS' cancer research program for new discoveries and better treatments to save the lives of family and friends.

The fund will accept contributions in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash (ZEC), Gemini Dollar (GUSD), Basic Attention Token (BAT) and Chainlink (Link).

As an appreciation, ACS said the first crypto donor or company to donate $250,000 or more will have the opportunity to name the fund, in their name or that of a loved one. Further, any donations of $10,000 or more will appear on the Crypto Cancer Fund Wall of Honor.

ACS noted that COVID-19 has reduced its ability to fund cancer research by 50 percent in 2020. It is now seeking the crypto community's contributions to help re-establish crucial research funding for new discoveries and better treatments.

In October 2019, the United Nations Children's Fund (UNICEF) had launched a new UNICEF Cryptocurrency Fund that enables it to receive, hold and disburse donations in cryptocurrencies such as Bitcoin (BTC) and ether (ETC). UNICEF is seeking to improve access to basic needs, rights, and resources for children with the cryptofund.

In April 2018, UNICEF Australia tapped cryptocurrency mining to raise funds for the refugee children in Bangladesh using an application by Coinhive, which mines Monero.

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