KuCoin Highlights The Potential of Crypto Philanthropy at Dubai Blockchain Life 2023

Mete Umut Elmas (Elmas), Head of MENA Business Development of KuCoin appeared as an honoured guest speaker at the Blockchain Life 2023 convention in Dubai. The speech focused on the topic of crypto philanthropy and the potential of using digital assets to revolutionise charitable giving.

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On stage, Elmas discussed the concept of crypto donations, the advantages and challenges of using digital assets for philanthropy, and steps to make a crypto donation in his presentation titled Human Chain: A New Era of Philanthropy.

Further, Elmas emphasised the transparency and accountability benefits that blockchain technology and cryptocurrencies offer to the traditional financial system. He also highlighted the importance of agility in the distribution of aid, especially in urgent cases of natural disasters where every second counts. Chainalysis estimated that roughly $5.9 million of cryptocurrency donations flooded in within two weeks after the devastating February 6 earthquakes in Turkey and Syria, demonstrating crypto’s utility as a quick way to transfer funds across borders.

Elmas also noted that crypto donations can encourage anonymous donations and enable greater equality. Decentralised Autonomous Organizations (DAOs) can also provide reliability in the management of funds.

Furthermore, Elmas highlighted the potential of crypto donations to introduce a technically-minded generation to philanthropists and turn their interest in digital assets into a great opportunity for charitable giving.

KuCoin is committed to bring feedback and value to society through its efforts. The exchange donated to India’s Covid-19 relief efforts and is currently assisting Turkey’s earthquake relief and rebuilding campaign.

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However, Elmas also acknowledged the challenges of crypto philanthropy, including the maturity of the crypto market, high volatility, security risks, and regulatory barriers. He urged charitable organisations to seek professional support and for regulators to consider the potential of crypto donations for charitable causes.

“On a personal note, as someone who has experienced the tragic effects of natural disasters in Turkey, I understand the need to act quickly and effectively to help those affected. Through practical experience, I have seen the potential of Crypto Philanthropy to play a critical role in disaster relief efforts. In Turkey, the crypto community has shown how it can encourage government-related agencies to accept crypto donations and accelerate the speed of recovery. I am grateful for this opportunity to share this unique perspective on the role of crypto in philanthropy,” said Elmas.

Elmas’ speech showcased the potential of crypto philanthropy to revolutionise charitable giving and highlighted the important role that digital assets can play in disaster relief efforts. His personal experience provided a unique perspective on the need for quick and effective action in times of crisis.

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