Blockchain For Impact (BFI), the philanthropic initiative founded by Polygon co-founder Sandeep Nailwal, has surpassed $90 million in funding dedicated to healthcare innovation, biomedical research, and climate resilience. The organization has also pledged an additional $200 million to support future initiatives aimed at strengthening public health systems through blockchain philanthropy.
BFI’s Focus on Healthcare and Innovation
According to a press release shared with crypto.news, BFI is prioritizing healthcare startups and research programs that seek to revolutionize medical advancements. The key initiatives currently receiving support include:
- Samarth Medical Innovation Program
- European Biomedical Exchange Program
- BFI-BIOME Virtual Network Expansion
The BFI-BIOME Virtual Network Program is BFI’s first initiative designed to advance biomedical research through a decentralized virtual network. Over the next three years, BIOME plans to support more than 46 startups with kick-starter funding, fellowships, and innovation programs. Additionally, it will collaborate with over 15 medical colleges to facilitate 50 research projects involving more than 600 researchers.
Sandeep Nailwal’s Vision for Blockchain Philanthropy
Sandeep Nailwal emphasized the role of blockchain technology in making philanthropic efforts more transparent and scalable.
“By combining blockchain’s transparency with collaborative funding, we’re ensuring that every dollar is accounted for and maximized for impact,” Nailwal stated.
This isn’t Nailwal’s first large-scale philanthropic effort. He previously launched the India COVID Relief Fund, which attracted significant donations from prominent figures in the crypto space, including Ethereum co-founder Vitalik Buterin and former Coinbase CTO Balaji Srinivasan.
The Rise of Crypto Philanthropy
According to a recent report by The Giving Block, over $1 billion in cryptocurrency assets have been donated to charities in 2024 alone. The report highlighted that the average crypto donation was $10,978, reflecting a 386% increase from the previous year.
In a growing trend of blockchain-powered giving, UAE-based crypto firm Fasset recently collaborated with Indonesian charity platform Kitabisa’s Islamic donation partner to facilitate religious donations using cryptocurrency, specifically through USDT (Tether).
A Future of Scalable Blockchain Philanthropy
With BFI’s continued expansion and its ambitious funding goals, blockchain philanthropy is set to play a transformative role in global healthcare and biomedical innovation. By leveraging decentralized technology, BFI is working toward a future where funding is both transparent and impactful, ensuring that resources reach the projects that need them most.
