ELONGATE
ELONGATE is a cryptocurrency token on the Binance Smart Chain that powers a social impact movement. It is a frictionless yield and liquidity generation token, where 10% transaction fee rewards holders and donates significant sums to philanthropic activities. The Elongate team is creating an impact ecosystem to revolutionize the social impact of blockchain technology.[3][4]
It supports charities such as Children International, Malala Fund, Action Against Hunger, and The Ocean Cleanup.[5]
History
Legally incorporated as a company on July 23, 2021, Elongate's leaderships board includes names of crypto experts such as Hasan Aziz, Alexander Gambon. The company began as a parody of Elon Musk's tweet referencing the Watergate Scandal. It is not affiliated with investor Elon Musk but was created to bridge the gap between cryptocurrency and charity. It has since ballooned into an active community that intends to use the power and leverage of meme culture to raise awareness of and combat world hunger.[3][6][1][7][8]
Description
Elongate is a BEP20 deflationary token issued on the Binance Smart Chain. It is also a charitable organization that aims to bridge cryptocurrency with philanthropy. The company has pledged to give 80% of its income to charity.[6]
Elongate charges a 10% fee on all transactions, half of which is given to token holders, while the remaining 5% is donated to charity. The token had over 400,000 holders as of May 2021.[6][4]
The tokens can be bought on PancakeSwap, CEXs, and DEXs.[9]
Mission and vision
The charity companies mission is to leverage community action and blockchain technologies to grow a global movement that defies the status quo and makes profitability intrinsically linked to positive social impact.[10]
Elongate does this via three pathways:
- igniting a social transformation
- building transparent pathways to capital for earning and giving
- empowering people to create a sustainable world
Its vision is to forge a revolutionary social impact ecosystem on the blockchain.[11]
Team
Philanthropy
Elongate has donated over $1 million to non-profit organizations such as Children International, Malala Fund, Action Against Hunger, and The Ocean Cleanup within the first three weeks of its creation.[1][12][13] It raised $3.25 million Children International, Human Relief Foundation, and Action Against Hunger.[4][2][14]
It live streams weekly charity parties on the Twitch platform to raise money for non-profit causes. Elongate held a live stream with the National Kidney Foundation's CEO, Kevin Longino, to raise money for the foundation. In May 2021, Elongate donated $150,000 to the EB Research Partnership.[15]
On May 24, 2021, Kimbal Musk and Elongate hosted a charity event on Twitch. During the live stream, they discussed Musk's non-profit Big Green and its project, the Million Gardens Movement. Elongate had previously donated $400,000 to Big Green.[1]
As of June 2021, the organization had donated over $3 million to charity, including the Human Relief Foundation, Color The Spectrum, and GiveIndia.[1]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 https://cointelegraph.com/news/the-rise-of-crypto-charities-elongate-and-munch-raise-millions-for-various-causes
- ↑ 2.0 2.1 2.2 https://anndy.com/interview/anndy-lian-shared-his-perspectives-on-crypto-giving-with-elongate-worlds-largest-charity-crypto/
- ↑ 3.0 3.1 https://investmentu.com/elongate-crypto/
- ↑ 4.0 4.1 4.2 https://www.securities.io/crypto-startups-delivering-change-in-the-charity-sector/
- ↑ https://www.fool.com/the-ascent/cryptocurrency/articles/this-hot-new-crypto-has-gained-677-in-2-weeks/
- ↑ 6.0 6.1 6.2 https://morioh.com/p/552e74730ec6
- ↑ https://capital.com/elongate-crypto-the-future-of-charity-cryptocurrency
- ↑ https://beincrypto.com/learn/elongate-crypto-explainer/
- ↑ https://www.economywatch.com/cryptocurrency/elongate-price-prediction/
- ↑ https://www.tofler.in/elongate-consultancy-services-private-limited/company/U67110MH2021PTC359111
- ↑ https://www.tofler.in/elongate-consultancy-services-private-limited/company/U67110MH2021PTC359111
- ↑ https://capital.com/elongate-crypto-the-future-of-charity-cryptocurrency
- ↑ https://coinquora.com/elongate-and-munch-raise-millions-for-charitable-causes/
- ↑ https://beincrypto.com/learn/elongate-crypto-explainer/#h-what-is-elongate-crypto
- ↑ https://www.bignewsnetwork.com/news/271859215/benefiting-the-needy-through-cryptocurrency
