Last week during the Annual Tipping Point Gala, the Tipping Point Community successfully raised over $14 Million for charity with help of all the major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Ripple [XRP].
The Tipping Point Community is a non-profit charitable and grant-making organization, founded by Daniel Lurie in 2005. The main objective of the organization is to break the cycle of poverty for the 1.3 million people living in the San Francisco Bay Area, and investing in the most promising solutions which could provide a nurturing early childhood, strong education, gainful employment, and secure housing.
The most interesting fact about the gala was that the Tipping Point was accepting BTC, ETH, and XRP as donations. They had announced that they would be converting the donations which were received as cryptocurrency to regular fiat currency over the next financial year.
The organization collaborates with the public sector to increase the impact and creating various policies for scalable change. The donations were done through a webpage in the program present during the event. The money was donated through a wristband which had a QR code. There were no paddles for the live auction also, when they wanted to donate, they just had to raise their hands. The donor’s name would instantly go to the screen at the center of the stage of the auction
The benefit gala was attended by more than 1000 people at the Bill Graham Civic Center, there was a mixture of tech giants, venture capitalists, socialites, and movers and shakers. The unbiased and unprejudiced attitude exhibited by Tipping point had got the attention of popular Crypto titans who were attending the benefit gala, this included the co-founder of Ripple, Chris Larsen, the CEO of Coinbase, Brian Armstrong and the CEO and founder of Pantera Captial Mangement.
The Tipping Point Community has managed to raise over $150 Million since it was first started in 2005. They are also welcoming pro-bono partners to provide services and expertise to fight against poverty.
A cryptocurrency Investor Larry Evan tweeted:
“By accepting Crypto Tipping Point Gala raised $14 million in donations.: The gala comprises the time that Tipping Point has accepted #cryptocurrency donations, with the event being attended by the respective #chiefexecutiveofficers of #coinbase, #Ripple”