Elongate is more than an homage to Elon Musk. It’s a social enterprise dedicated to bridging the gap between the crypto space and charities of every kind.
This new venture is both a project and a token, with plans to give back a share of its income to various charitable organisations and facilitate donations.
Starting from scratch in March 2021, this burgeoning project has already established an active community of more than 100K token holders and donated nearly $US1 million to Children International, The Ocean Cleanup and Action Against Hunger.
Which is genuinely good blockchain news—crypto with a conscience.
Social enterprise in blockchain action
Elongate presents itself as the first crypto platform and token focused on corporate social responsibility.
Founders wanted to position themselves above and beyond the usual “swirling vortex of internet culture and high-risk investments” which typify many speculative crypto ventures.
Elongate began as a response to a viral tweet from the fledgling company’s “favourite billionaire” Tesla boss Elon Musk, which read: “If there’s ever a scandal about me, *please* call it Elongate.”
Yet passive donations are not the primary goal. Elongate wants to act as a bridge between charities and crypto world—granting them access to an exciting new world of capital and financial support.
It will be an enabler with a social conscience, uniting the crypto community behind a greater good while empowering charities to grow in new ways.
How does Elongate work?
According to the company, Elongate is a high-yield deflationary token on the Binance Smart Chain, with a 10% transaction fee rewarding holders and donating to charity.
You will need a Metamask wallet on the Binance Smart Chain Mainnet, also connected to Pancakeswap. Once this is set up, you are ready to swap BNBs to Elongates—and get started.
Elongate beneficiaries so far
On April 23, Big Green joined Elongate on a live stream event for 2021 Earth Day celebrations, which raised a million dollars.
The company has donated US$250,000 respectively to The Ocean Cleanup and Action Against Hunger, with US$325,000 donated to Children International.
Children International CEO Susana Eshleman says the funds will help change the lives of 500 young people globally through CI’s HOPE scholarships and employment programs.
As a pioneer in the crypto space, Elongate plans to give to charity every week—that’s 1% of accumulated transaction volume for a one-week period.
All in all, it marks a welcome shift in the cryptocurrency paradigm!