Wednesday Dec 21, 2022

What effect will the FTX Bankman-Fried fiasco have on fundraising?

I was grateful to Alex, co-founder of The Giving Block, for ensuring that we add a timely conversation about the FTX-Bankman Fried collapse to The Fundraising Talent Podcast’s library of conversations. Shortly after this story started making headlines, I appreciated seeing that Alex and Pat offered their take on the situation and assured nonprofit leaders that the effect of this fiasco would be minimal for most charities and their crypto-minded donors. This was perhaps welcome news for those who, like myself, are only beginners at making sense of how cryptocurrency fits in our fundraising efforts. What effect all this will have on effective altruism, Bankman-Fried’s ideological framework of choice, is yet to be seen. 

Alex wants us to remind ourselves that the failure of an individual or an entity is not the failure of entire industry. Alex explained that FTX played a very small role in Crypto Philanthropy and he insisted that this will not slow down the growth of this industry. Alex explained that twice as many nonprofit organizations are accepting cryptocurrency donations through their platform than were a year ago, and every month the team at The Giving Block help hundreds of charities design and launch their crypto-philanthropy programs.

Listeners, please forgive the echo for about the first 7 minutes. We were able to clean that up so as to ensure a painless listen thereafter. 

As always, we are especially grateful to our friends at CueBack for sponsoring The Fundraising Talent Podcast.

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