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After Tesla and SpaceX CEO Elon Musk entered the world of cryptocurrencies, the crypto community, in turn, showed a strong interest in him. Inspired by the activities of the engineer-genius, which includes charity among others, several of his fans created a new crypto token: Elongate.
A successful entrepreneur, engineer, and CEO of several companies, Musk devotes some of his time to humor and memes. Citing the "Watergate scandal" that ultimately led to the resignation of President Richard Nixon, Elon told his Twitter followers that if he would ever be involved in a scandal, they should name it "Elongate."
If there’s ever a scandal about me, *please* call it Elongate— Elon Musk (@elonmusk) March 25, 2021
Three weeks after posting this tweet, a group of Elon fans created Elongate token, which is a frictionless, high yield, deflationary coin made on the Binance Smart Chain. According to the description, Elongate is opening the gate between crypto and charity. Through passive transaction fees and active giving, they are exposing charitable causes to a world of untapped capital, and the crypto audience to a world of good.
The creators of the token wrote that ordinary retail investors place their money in various speculative assets, hoping to make a profit. This is a huge amount of capital and energy that would never go to a charity. Elongate's goal is to bring the community together for the common good, namely through charity.
Within its first two months, the crypto project has already helped raise over $2,300,000 for organizations such as Children International, Action Against Hunger, The Ocean Cleanup, Big Green, Human Relief Foundation, Mark Rober's Color The Spectrum, and Give India. Recently, Elongate donated $150,000 to EB Research Partnership (EBRP), which is the largest global organization dedicated to funding research to treat and cure Epidermolysis Bullosa (EB).
On May 24, 2021, Elongate will host a charity party event where Kimbal Musk (Elon Musk's brother) will join them live on Twitch to discuss work that Big Green and the Million Gardens Movement are doing to underserved communities across North America. The crypto organization has already donated $400,000 to Big Green.
Big Green is a non-profit organization founded by Kimbal Musk in 2011 to address diet-related health disparities and create healthy places where kids can learn and grow. This year Big Green co-launched the Million Gardens Movement with online publication Modern Farmer to create a social movement to unleash the transformation power of gardening to fight hunger, support climate action, and increase resilience.
© 2021, Eva Fox. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.