Digital is the future of charitable giving: Binance Charity Survey Results

Main points

Binance Charity conducted a survey of 1,126 respondents to understand trends in charitable giving in the context of digital assets.

The survey showed that respondents showed strong interest in cryptocurrency donations, with 32% preferring cryptocurrencies as a donation method.

Factors affecting charitable giving include transparency, philanthropy itself and its impact. In addition, humanitarian relief, education and health are also areas of focus.

Over time, the future of charitable giving will increasingly become digital. With the influence of blockchain and cryptocurrencies, we have the potential to revolutionize philanthropy.

In celebration of International Philanthropy Day, we’re excited to share the latest Binance Charity Survey results with you. We reached out to the Binance community to understand the rapidly changing trends in charitable giving in the current environment.

A total of 1,126 participants participated in this survey, including Binance users and the general public. The results of the survey will inform a series of initiatives for the future of Binance Charity to align the public’s philanthropic philosophy and sentiments with the community.

Key findings

The survey was conducted on the Binance Survey platform from November 9 to November 26, 2023. The survey was open to Binance users and non-users, with a total of 1,126 adults participating in this global study.

The results of this survey are based only on the responses of a small number of individuals and do not represent the views of Binance.

Growing interest in cryptocurrency donations

Although traditional donation methods such as cash, checks and credit cards remain popular, accounting for 43% of donation preferences. However, the survey showed that respondents showed strong interest in blockchain charitable donations.

32% of respondents said cryptocurrency is their preferred method of giving, underscoring the importance of digital assets in philanthropy.

Nearly one-third of respondents said they have tried crypto charitable giving

Cryptocurrency donations and philanthropy in this survey lay a solid foundation for far-reaching future growth. Although 71% of respondents have never used digital assets to make charitable donations, 29% have entered this field for the first time.

Cost and transparency are the main factors why respondents prefer cryptocurrencies

When participants were asked about the reasons for cryptocurrency’s popularity as a vehicle for charitable giving, they highlighted three fundamental advantages of blockchain technology. It is worth mentioning that 37% of the respondents affirmed the transparency of cryptocurrency, while 32% of participants valued the efficiency and cost-effectiveness of cryptocurrency. Another 28% of respondents also affirmed the unique advantages of blockchain in improving accountability tracking capabilities, which can be achieved through transaction records between donors and beneficiaries.

Donors are influenced by a range of factors when making charitable donations

Binance Charity identified three decisive factors that influence individuals’ decisions when choosing where to donate:

Transparency and accountability: Highly valued by 27% of respondents, who highlighted ethical practices and transparent reporting as critical to gaining donor trust.

Giving to the cause itself: Nearly 26% of respondents were motivated by a charity’s specific mission, demonstrating that clear and well-defined goals can be powerful inducements.

Impact: 18% of respondents focus on tangible results achieved by charities, demonstrating the importance of achieving significant results in this age of data-first decision-making.

Additionally, we identified three major areas of giving in philanthropy:

Humanitarian relief: 22% of respondents emphasized the importance of decisive assistance in times of crisis.

Education: This area attracted 20% of respondents, emphasizing the public's drive to improve people's living standards through education.

Health: This area is closely related to education, with 19% of participants expressing interest in promoting health.

Half of respondents said they would only consider donating if resources were sufficient

The majority of respondents (51%) reported that they would consider donating given sufficient time and resources. Notably, 20% of participants described themselves as dedicated philanthropists who proactively seek ways to drive significant change.

How Binance Charity empowers global charity

The Binance survey provides useful insights into how people donate to charity and paints a picture of the growing importance of cryptocurrencies in the philanthropic sector. Here are the latest examples of how Binance Charity is leveraging the power of blockchain to lend a helping hand to those in need.

Recently, Binance donated $10 million in cryptocurrency to crisis relief in Ukraine and launched the unique Binance Refugee Card. The tool provides a fast, low-cost and secure way to send money to meet people's immediate needs.

During the 2023 Turkish earthquake, Binance airdropped $5 million to the affected people. Approximately $3 million of this amount has been exchanged.

Binance’s “Crypto Against COVID-19” campaign provided $5.7 million in digital assets globally to purchase more than 2 million pieces of personal protective equipment and more than 500,000 vaccines.

In addition to donations, Binance Charity also runs educational programs around the world, which has produced more than 57,000 graduates to date. These projects include jointly launching information technology scholarships with the Ukrainian Digital Transformation Ministry, setting up technology courses for women in Brazil and South Africa, and collaborating with Utiva in Africa.

Blockchain is gradually becoming a powerful tool for philanthropy

Binance Charity Survey shows people’s interest in cryptocurrency donations remains unabated. The advantages of this technology are clear, and we’re glad they haven’t gone unnoticed. Thanks for your answer. Now, we’re developing plans to fully address the needs and aspirations of philanthropic communities inside and outside Binance.