Cryptocurrencies have largely been associated with illegal activities in the past, which is something that the medium’s critics like to bank upon in present-day debates.
However, one thing that such naysayers do not bring to notice is the fact that while cryptocurrencies can be susceptible to illegal usage as with any other medium of exchange such as fiat or gold, they have also been largely involved in humanitarian and philanthropic initiatives due to their ability to facilitate cross-border transactions and to transfer large sums of money at once.
Once such philanthropic initiative is the Pineapple Fund, a non-profit, anonymously led project that was conceptualized with its plan to give away 5,057 Bitcoins to charity – valued at $86 million when the initiative had come to light in December 2017.
Ever since its inception, the Pineapple Fund has supported multiple charities and causes with generous donations, and keeps adding to its list of supported entities to help as many entities as it could.
In its latest attempt at doing so, it was recently announced that the Pineapple Fund will match donations of up to $4 million to the Multidisciplinary Association for Psychedelic Studies (MAPS), which is a non-profit organization that focuses on research and education of developing legal and effective uses of psychedelics and marijuana towards the treatment of various diseases.
For phase 3 trials of PTSD treatment
The move was announced by the Pineapple Fund to aid MAPS – which it has donated to in the past – in its latest plan to start Phase 3 clinical trials that aim towards the treatment of post-traumatic stress disorder (PTSD) with MDMA-assisted psychotherapy.
Since the approach by MAPS is unconventional, the Pineapple Fund looks forward to aiding by gaining as much funding as it could. Therefore, it hopes that its announcement to match donations by $4 million in Bitcoin will help encourage more people to donate to MAPS for this program.
It was explained that if the donation amount is met by these additional donors, it will provide MAPS with enough funds to go through with completing the U.S. Food and Drug Administration (FDA) Phase 3 trials.
As per MAPS, the Phase 3 clinical trials could require around $26 million. It already has $17.3 million in donations and pledges, and with the additional $8.7 that it could raise with Pineapple Fund’s offering, it would be able to go through with the trials as planned.
Both the Pineapple Fund and maps hope this to work
Dr. Rick Doblin, the founder and executive director of MAPS, explained that the required funding is imperative to the success of this segment of research that currently receives no public financial support.
Dr. Doblin stated:
“With no funding available for these trials from government agencies or major medical research foundations, legally available MDMA-assisted psychotherapy for PTSD will indeed be a gift to the world from the psychedelic science and cryptocurrency communities.”
The Pineapple Fund’s anonymous donor, called “Pine,” hopes that the initiative would help encourage more people to join in and help MAPS in taking its research forward.
“PTSD is a severe condition that affects everyone from sexual assault survivors to military veterans.”
“Existing treatments have so much room for improvement, and MDMA-assisted psychotherapy has shown great promise. We’re offering the matching grant because we think the psychedelic and cryptocurrency communities can work together to finish funding Phase 3 clinical trials.”