Decentralized Finance (DeFi) focused automated donation platform, Munch has inked a partnership with crypto-based donation platform, The Giving Block. The partnership seeks to help Munch users and investors give out a portion of their earnings to charity. Per the details of the forged relationship, Munch will become exposed to a broader ecosystem to help advance its basic tenets of giving to non-profits.
Cryptocurrency-based donations are fast becoming enshrined in the growing world of digital currencies. While charity-related activities and giving are central to new projects in the DeFi world, Munch’s dive to help non-profit organizations recertify the essence of our humanity. With the link-up with The Giving Block, the former organization is connected to a host of non-profits that can be funded, as well as other unique benefits.
While the ultimate goal is to reach out to those who need help the most, non-profits within the Giving Block network will be able to accept the Ethereum-based donations from Munch, while Munch’s profile will be created on The Giving Block platform. Prior to this partnership, Munch had a growing record of fund donations, marked by a $1 million donation to GiveWell Maximum Impact Fund. This non-profit helps combat Malaria and other diseases in Africa and developing countries.
In the trailing two months period, Munch has raised as much as $3 million for charity according to Alex Wilson, the co-founder of The Giving Block. He noted that “Not only will this support amazing causes and deliver major impact, but it will continue to expose a new audience to cryptocurrency.”
“This partnership gives us the reach to offer our community more causes they care about. With our future development, this is set to do a tremendous amount of good for a lot of people,” said Rodrigo Silva, CEO of Munch while commenting on the partnership with The Giving Block.
Where the Funds Devoted to Charity Comes From
Munch is a DeFi platform powered by the $MUNCH tokens. The token is available on both Uniswap and the PancakeSwap decentralized exchange, and by the model of the Munch ecosystem, a fraction of the transaction fees generated from these purchases are committed to charitable causes.
To prevent the outright devaluation of the proposed donation amount, the tokens are converted to Ethereum, a relatively stable digital currency. This conversion is usually done to prevent the destabilization of the system with a single large transaction. For the Munch ecosystem with approximately 8198 token holders, a total of 833.71 ETH has been donated thus far. This is a milestone when the relative age of the project is factored in.
The choice of the Giving Block for the Munch donation gateway has its other advantages including tax efficiency as is the case for stocks, the exposure to a dedicated media to help boost the donor’s publicity. With the fast-growing network being built by The Giving Block, being a part of the ecosystem serves Munch, as much as it does the non-profits it is set to help, a win-win situation for all.