The fund was established on Endaoment, an on-chain nonprofit organization that helps 1.5 million entities accept cryptocurrency donations.
American business magazine Fortune has launched a new decentralized donations fund alongside nonfungible token (NFT) artist Pplpleasr, with proceeds earmarked for independent journalists and programs that foster journalistic integrity.
The new Fortune Journalism PleasrFund was launched on the Ethereum blockchain through Endaoment, a charity-focused decentralized autonomous organization, the company announced Monday. So far, the fund has been allocated 214.55 Ether (ETH), worth roughly $660,000 at current prices, which represents half of the proceeds of a limited edition Pplpleasr NFT sale commissioned by Fortune that concluded in August.
The first four beneficiaries of the fund are Report for America/The GroundTruth Project Inc., Institute for Nonprofit News, Committee to Protect Journalists Inc. and Reporters Without Borders. Each organization will receive an initial distribution of approximately $165,000 from Fortune and Pplpleasr.
Individuals can donate to the fund through cryptocurrency or PayPal, with future proceeds slated to go to other journalism programs.
The crypto donations industry is flourishing as blockchain technology and digital assets become more mainstream. As Cointelegraph reported in July, a Bitcoin (BTC)-focused charity drive raised $1.3 million in BTC in less than three weeks to support clean water and sanitation projects in developing nations. New and emerging projects within crypto have also shown their generosity, with Trippy Bunny NFT recently donating all of its mint-sale proceeds to the American Foundation for Suicide Prevention.
Many existing nonprofits have also begun accepting cryptocurrency donations, as evidenced by recent efforts to help Afghans displaced by the Taliban takeover of the country following the United States’ withdrawal. To that end, New York-based grassroots organization Hearts & Homes for Refugees announced it was accepting donations in nearly a dozen cryptocurrencies through a partnership with The Giving Block.
In January, the American Cancer Society launched the first-ever Crypto Cancer Fund, giving donors another avenue through which to contribute to the organization.
Even the Republican Party, which had previously criticized cryptocurrencies and digital assets, announced in June it would begin accepting crypto contributions through BitPay.