In just another example of how cryptocurrencies are slowly becoming more accepted in everyday life, a gala that has been help by Tipping Point have managed to raise more than $14 million USD after deciding to accept cryptocurrency donations.
Tipping Point is a non-profit organisation that is investing in efforts that aim to break the poverty cycle in the San Francisco Bay area held the event, which say many leading figures from the cryptocurrency sector attending, including CEO’s of Coinbase, Ripple Labs, and Pantera Capital Management.
Chris Larson, the CEO of Ripple was in attendance and said;
“It’s great to see in the Bay Area because this is all about making sure that wealth is getting to people who need it most, and this helps lubricate that goal.”
Dan Morehead, the CEO and founder of Pantera Capital Management echoed his comments saying;
“It’s a productive and worthwhile application from a non-profit that’s driven by some of the most innovative minds in San Francisco.”
Brian Armstrong, the CEO and co-founder of Coinbase agreed and added;
“I think a lot more charities will be accepting crypto in the future.”
A spokesperson for Tipping Point, Marisa Giller stated that any crypto gifts will then be converted in fiat currency and will be spent within the next financial year. These gifts were actively encouraged though, and they were accepting donations in the form of BTC, ETH and XRP. This was a first for the Gala, and just shows how far the cryptocurrency market has come in recent years. The gala has gone on to inspire a number of other fundraising efforts to accept cryptocurrency donations as well, which is a great move for the market, which has suffered some almighty knocks this year so far.