Blockchain For Impact (BFI), a charity founded by Polygon co-founder Sandeep Nailwal, has surpassed $90 million in funding for healthcare and climate change projects and plans to allocate an additional $200 million to drive further impact in these sectors.
BFI’s existing $90 million funding has supported key healthcare and climate resilience initiatives, including biomedical research, healthcare innovation, and public health improvements. The charity’s future plans involve expanding support for healthcare startups, advancing biomedical research, and reinforcing public health infrastructure.
BFI has already made a significant impact in India’s healthcare sector. Its projects include Solar-Powered Public Health Centers (PHCs), a floating hospital in Assam to serve flood-prone communities, the UNICEF Healthcare Innovation Partnership, and critical relief efforts during the COVID-19 crisis. Nailwal emphasized that future initiatives will focus on deepening healthcare innovation and research.
According to Nailwal, blockchain technology is instrumental in increasing transparency and accountability in philanthropy. “The $68 million we allocated for COVID-19 relief in India — including $15 million provided to the Government of India through UNICEF for 128 million syringes — followed the same approach,” Nailwal said.
“Anyone, whether donors or communities, can track exactly where the funds go. The results speak for themselves: 96% of healthcare workers reported improved care, and vaccine wastage dropped by 83% due to stable refrigeration,” he added.
A report from The Giving Block highlights BFI’s pivotal role in the rise of crypto philanthropy. BFI’s $90 million in donations accounted for 9% of all cryptocurrency-based contributions globally in 2024, underscoring the growing influence of digital assets in the charity sector.
The increasing adoption of cryptocurrency in philanthropy reflects its potential to enhance transparency and reduce costs. Over 70% of the top 100 US-based charities now accept crypto donations, according to the report. Leading global organizations like the UK Red Cross, Singapore Red Cross, and Save the Children have also embraced crypto, with Save the Children reporting $8.6 million in crypto contributions to date.
The trend is gaining momentum as nonprofits seek more secure and efficient fundraising channels. The Giving Block recently partnered with Gemini on March 13 to leverage artificial intelligence for enhanced security in crypto-based philanthropy.
Data suggests that transparency drives greater donor engagement. A Fast Company report found that nonprofits with a strong record of transparency saw a 53% increase in contributions the following year compared to those with less transparency.
As crypto adoption continues to rise, so does the potential for increased charitable giving. The Giving Block estimates that crypto donations could reach $89.27 billion by 2035.