A new charitable cryptocurrency has been unveiled as a potential source of funding for charities. Wishcoin has been developed around as an innovative way to raise funds for good causes, with co-Founder, Robert McLean saying, “The entire fundraising landscape could be significantly changed.”

Run by the not-for-profit Wishcoin Foundation the project brings the charitable sector together with the expanding cryptocurrency world and creates a potential, if still young, investment opportunity. Half of all the coins generated to date having been donated to the Wishcoin fund, meaning that they will benefit charities directly. The foundation will carefully select which charities will be donated to and will be adopting multiple strategies to ensure maximum exposure – and here there is certainly an element of enlightened self-interest, as every charity that partners with Wishcoin will add to confidence to coin and subsequently a price rise. If successful, the next step will then be to work with businesses that support the charitable partners to enable payments and/or donations on their platforms.

Cryptocurrencies have made significant inroads since Bitcoin was first launched, and the cryptocurrency market has grown to a total market capitalisation that recently breached $120 billion.

The token initial coin offering (ICO) will take place on 14 October 2017 with 200 million Wishcoins to be distributed. Thirty per cent of the funds received during the ICO will be donated to charities.

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