Umberto Veronesi Foundation accepts Bitcoin to fight paediatric cancer

The Umberto Veronesi Foundation, which specializes in scientific research into pediatric cancers, is now also accepting donations in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and other cryptocurrencies. 

Umberto Veronesi Foundation, donations in Bitcoin and crypto

The Italian non-profit organization Umberto Veronesi Foundation, founded in 2003 in Milan, has created the Gold for Kids programme with the aim of funding the daily work of top researchers in the fight against paediatric cancers. 

On its website, the Umberto Veronesi Foundation states that it recognizes and welcomes the reality of cryptocurrencies. And, in order to continue its mission, it has decided to accept donations in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and other cryptocurrencies through Gold for Kids.

Essentially, the Gold for Kids programme was created in collaboration with The Giving Block, an organization that assists non-profits, charities and universities in pursuing their goals by collecting donations in Bitcoin and crypto.

Thanks to this model, the Umberto Veronesi Foundation also aims to obtain funding for the opening of new treatment protocols that aim to provide small and large patients with immediate access to the best treatments for all forms of cancer, according to the highest international standards.

More than 250,000 children worldwide contract the disease, making it the leading cause of death in children. On the other hand, in recent years, the unconditional commitment of researchers has led to a significant increase in cures, reaching up to 90% for some forms of leukaemia. 

More efficiency at the fiscal level

The Gold for Kids programme aims to increase support for researchers at the Umberto Veronesi Foundation, which since 2014 has waged a multi-pronged fight against paediatric cancers, focusing on rarer forms such as Acute Myeloid Leukaemia.

The choice of Bitcoin and crypto as a donation was also intended to be more tax efficient. 

On that note, here’s how The Giving Block describes it:

“The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause. When donating crypto, you receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation. That means you’re able to donate more, as well as deduct more on your tax return. The difference? Sometimes more than 30%”.

Donations in the crypto world

The crypto world, in all its nuances, is becoming increasingly involved in charitable operations. So while the Umberto Veronesi Foundation chooses to accept donations in Bitcoin and cryptocurrencies for the fight against cancer, other organizations in other sectors have done the same or chosen other cryptoassets.

Such as US Senate candidate Katie Britt, who since late November has started accepting donations in Bitcoin and other cryptocurrencies to fund her campaign.

Whereas, earlier this month, the UNHCR or United Nations Refugee Agency, to celebrate its 70th anniversary had launched its first collection of charity NFTs, with the proceeds then going to support Afghanistan. 

In this case, the cryptoasset dedicated to the charity was the Non-Fungible Token of images created by Syrian-Palestinian cartoonist Hani Abbas.