Friday, December 2, 2022

A Christmas Story: Cryptocurrency Charity Raises $70k for Troubled Youth

A Christmas Story: Cryptocurrency Charity Raises $70k for Troubled Youth

This Christmas, cryptocurrency enthusiasts in Toronto came together for a giving project: the Merry Merkle Tree. This program, which supports Covenant House Toronto, raised over $70,000 USD in Ether for Toronto’s homeless youth. 

Also read: Nine New Year’s Resolutions for Crypto Newbs

With an original goal of raising $25,000, organizers held a gathering around their “Merkle Tree” — a Christmas tree connected to the Ethereum blockchain, lighting up based on ETH donations made to Covenant House. As the event got underway, the initiative soon surpassed their goal, quickly raising more than $70,000 from cryptocurrency enthusiasts in Toronto and around the world.

Cryptocurrency For a Good Cause

Truebit COO and Merry Merkle Tree organizer Robbie Bent said the idea for the event came after he and his fellow organizers realized how wealthy many cryptocurrency traders had become in 2017.

Bent told CBC News:

“We noticed there’s [sic] a lot of people who made a lot of money this year in this space and a lot of people who have a real desire to give back. We thought this would be something cool that was just fun for a really good cause. Our community just wanted to try it out, and the results were really, really awesome.”

Robbie Bent with Covenant House associate director of communications Tracie LeBlanc

Covenant House executive director Bruce Rivers said, “We’re very grateful to the blockchain community and excited about this new opportunity to raise funds for our agency through cryptocurrency.”

According to organizers, the collected donations can feed 100 people for three months. The event plans to raise over $200,000 in the next 15 days.

Covenant House Toronto is Canada’s largest agency dedicated to helping the city’s at-risk youth. Currently, the organization serves young people between the ages of 16 and 24, aiding 250 individuals each day. The agency provides shelter, counseling, job training, and healthcare. In total, the organization has served around 95,000 people.

Have you used cryptocurrency for charity? Let us know in the comments. 

Images via Pixabay CBC News

Bitsonline Email Newsletter