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The voice of Scotland’s vibrant voluntary sector

Published by Scottish Council for Voluntary Organisations

TFN is published by the Scottish Council for Voluntary Organisations, Mansfield Traquair Centre, 15 Mansfield Place, Edinburgh, EH3 6BB. The Scottish Council for Voluntary Organisations (SCVO) is a Scottish Charitable Incorporated Organisation. Registration number SC003558.

Scots-based national covid charity to use cryptocurrency to raise funds

This news post is about 3 years old

UK’s first nationwide covid charity

A Glasgow-based organisation is set to launch as the UK’s first national covid-19 charity and will use cryptocurrency to raise funds.

Covid:aid has registered with OSCR and will use NFTs – non-fungible tokens, a cryptocurrency that unlike others is indivisible and unique, that can't be bought or sold, with ownership stored on a blockchain ledger.

The charity states on its website: “There are currently no UK-wide charities dedicated to tackling the effects of COVID-19 – that’s where covid:aid comes in.

“Though the public and social sectors, charities, community groups, and other organisations have all been doing amazing work – and refocusing existing services – a specific COVID charity can provide a holistic approach. We will be able to identify and cover gaps created through the current patchwork approach (therefore complementing other work being done).

“Initially existing as an online hub, we will also think beyond the most pressing needs to provide support in the medium and longer term.”

The charity wants to tap into the success of NFT as it soars in value, using an auction format to raise funds.

A piece of digital artwork by Mike Winkelmann, known as Beeple, sold for nearly $69 million earlier this year using the cryptocurrency auction format.  

Michael MacLennan, founder of covid:aid, said: “It has been suggested that if an NFT of a piece of art sold for $69m, then surely a charity NFT ought to raise more! However, at this stage even 1% of that amount would be an amazing sum for covid:aid. It would allow us to launch the charity and provide life-changing services to support all those across the UK affected by the Covid-19 pandemic.

“We are looking to launch in early May with a limited range of services and expand these as we build our community and attract support – any financial assistance at this stage will make a huge difference. Any philanthropists who bid will be putting themselves into the history books, and doing so for a great cause.”

The auction will run for 24 hours once a minimum bid is received. The minimum bid is listed at 0.10ETH, the Ethereum cryptocurrency, and is the equivalent of nearly £190.

It was initially listed at 1.0ETH, which would raise close to £2,000 but was later reduced. Other charities have previously benefited from the sale of NFT’s, but covid:aid believes it is the first charity to create its own token.

The charity’s office is registered as St Vincent Street, Glasgow.