LAGUNA NIGUEL (CBSLA) – Would you crowdfund using cryptocurrency? That is exactly what a popular middle school music program has endeavored to do.
A crowdfunding effort began last week to raise money for the Niguel Hills Middle School. What makes this effort different is that it is being conducted on FundCru, a Santa Clara-based blockchain-fundraising platform that accepts donations via the cryptocurrency Ethereum.
According to a school parent that helped start the effort, the money raised will go towards the orchestra program headed up by Yeon Choi, a longtime music teacher at Niguel Hills.
The program is allocated a total budget of only $500 a year, but has about 220 students, according to the fundraising page. It needs anywhere from $20,000 to $30,000 annually to cover sheet music, instruments, repairs and student travel. In the past, Choi has fundraised that money herself.
The FundCru crowdfunding effort had raised about $1,000 as of Wednesday. It has set a goal of $15,000.
Founded in 2015, FundCru accepts both cryptocurrency and credit card donations. It bills itself as a “blockchain-powered fundraising platform that funds causes through eCommerce transactions and direct donations.”
FundCru allows businesses to buy and sell goods on its marketplace. It says that 25 percent of the gross sale of any eCommerce transaction on its platform goes towards fundraising efforts.