In collaboration with crypto donations company The Giving Block, the American Cancer Society has set up the Cancer Crypto Fund, which seeks to raise at least $1 million by early 2021 to fund ongoing research initiatives.

Donations to fund cancer research plunged 50% in 2020, reaching the lowest this century, according to the American Cancer Society. The sharp drop-off was attributed to the economic impact of COVID-19. 

According to the American Cancer Society:

“The crypto community's contributions will help re-establish crucial research funding for new discoveries and better treatments to save the lives of family and friends.”

The first crypto donor to contribute $250,000 or more will have the chance to rename the fund, either in their name or that of a loved one. Donors who give $10,000 or more will appear on the fund’s wall of honor.

The fund accepts donations in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash (ZEC), Gemini Dollar (GUSD), Basic Attention Token (BAT) and Chainlink's LINK.

“We want as many people to join us in our mission as possible,” said Jeff Klass, the American Cancer Society's interim chief digital officer. "To do that, we need to ensure people can give to the fight against cancer when, where and how they choose."

The Giving Block has spearheaded several initiatives to bridge the gap between charity and cryptocurrency. It teamed up with Cointelegraph on Dec. 18, 2020 to deliver the first-ever "Crypto’s Biggest Brain" virtual trivia contest, which brought together some of the biggest names in blockchain to support charitable causes focused on homelessness, childhood hunger, disaster relief, cancer and education, among others.

The fundraiser generated $175,000 in crypto donations. The biggest donation, sent anonymously, was 5.6 BTC, or roughly $186,000 in today’s value.