Cryptocurrency exchange Bybit has collaborated with YouTuber Bump to transform its influencer referral program into a charitable initiative. All referral rewards are being donated to support SMA (Spinal Muscular Atrophy) patients.
Turning Crypto Referrals into Social Impact
Bybit's standard referral program compensates influencers when new users:
- Complete identity verification (KYC)
- Deposit $100 in funds
- Begin trading on the platform
Bump initially hesitated, feeling the requirements resembled profit-driven schemes. However, Bybit revised the conditions to make the process more accessible for charitable participation.
Simplified Charity Participation
- New Requirement: Only KYC verification needed (no minimum deposit)
- Instant Donation: Bybit pledged $100,000 upfront
- Ongoing Support: 20% of all referred users' trading fees will be donated
Bump enthusiastically promoted the initiative, creating Line groups and mobilizing his community. Current results include:
- 3,500+ registrations
- 1,000+ completed verifications
- $11,000+ raised (approximately $35,000 NTD)
đŸ‘‰ Discover how crypto can drive social good
The Urgent Need for SMA Support
Through his involvement with SMA organizations, Bump learned about the staggering costs of treatment:
- Annual Expense: ~$1.2 million NTD per patient
- Medication Cost: $200,000 NTD per dose (6 doses required first year)
While funds raised haven't met the total needed, Bump highlights affordable alternatives becoming available internationally, making every contribution valuable.
Transparent Fund Management
Bump committed to full transparency by:
- Publicly sharing the donation wallet address
- Maintaining all transaction records visibly
- Personally guaranteeing zero personal benefit from funds
"Crypto exchanges are just tools. When used responsibly, they can create tremendous good." - Bump
FAQ: Understanding the Charity Initiative
Q: How does the referral donation system work?
A: Bybit donates $5 per verified user plus 20% of their future trading fees.
Q: What percentage goes to administrative costs?
A: Zero. Bump and Bybit absorb all operational expenses.
Q: How can I verify the donations?
A: All transactions are publicly visible on the blockchain via the provided wallet address.
Q: Why focus on SMA patients?
A: They face exclusion from national health insurance despite having treatable conditions.
Q: Can international users participate?
A: Yes, the program accepts global participants following KYC.
Q: How long will this initiative last?
A: There's no set end date—donations continue as long as referrals generate trading activity.
đŸ‘‰ Learn more about transparent crypto philanthropy
The Bigger Picture of Crypto Philanthropy
This collaboration demonstrates how cryptocurrency ecosystems can:
- Create sustainable funding streams for charities
- Maintain complete financial transparency
- Engage communities in social causes
- Showcase blockchain's potential beyond speculation
Bump concludes: "When we highlight positive uses of crypto, we help shape its future toward meaningful impact."