ElonGate is a cryptocurrency using a charity-based business model, donating profits to charities chosen by their community every fortnight. Since launching in April 2021, they’ve used blockchain technology to reward their community and the organisations they support by collecting fees taken from each transaction on their network.
The record-breaking donation is the largest made by charity-driven cryptocurrency Elongate, and will help support the growing number of charities accepting donations from cryptocurrencies.
Elongate is the first cryptocurrency using a charity-driven business model to donate profits to non-profit organisations every fortnight. Since launching under a month ago, they’ve donated nearly $1m to charities chosen by their community.
Their recent donation of $250,000 to The Ocean Cleanup will help fund their work developing advanced technologies to reduce ocean plastics. Another donation of $250,000 made to Action Against Hunger will also support their efforts to provide safe water and sustainable solutions to malnourished children and communities.
Steven Bink, head of IT at The Ocean Cleanup said in a statement that he was happy to accept this donation, and shared thanks on behalf of the Ocean Cleanup team. Elongate also shared in a statement that they were glad they could contribute to the development of cleaning up our oceans.