Elongate, popularly known as memecoin, is a charity startup powered by its own cryptocurrency - the ELONGATE token. It was launched on March 26, 2021, fueled by a viral tweet from Elon Musk. Elongate token is a BEP20 deflationary token issued on the Binance Smart Chain. As a philanthropic venture, Elongate aims to power a social impact movement by leveraging community action and blockchain technologies.
Since its inception, Elongate has acquired over 400,000 holders and has donated over $3,250,000 to multiple charitable organizations. Despite its name, the cryptocurrency is not affiliated with investor Elon Musk.
Elongate was started after Elon Musk, an entrepreneur, tweeted that if he were implicated in a scandal, it should be labeled "ElonGate," an allusion to the Watergate incident. It was created with the aim to merge the cryptocurrency domain with that of community service. Initially Elongate had an initial supply of 1 quadrillion tokens.
Elongate leverages smart contracts, AI, and cryptocurrency to eradicate the inefficiencies present in the current world state addressing issues related to education and poverty. As of May 2021, it has begun to be traded on the cryptocurrency exchange Bitmart at 4 AM EDT. Elongate charges a 10% fee on all transactions, half of which is given to token holders, while the remaining 5% is donated to charity.
Within the first three weeks of its launch, Elongate has successfully donated over $1 million to several non-profit organizations including Children International, Action Against Hunger, and The Ocean Cleanup. Since its inception, the company has been abiding by its startup pledge of giving 80% of its income to charities.
In May 2021, Elongate donated $150,000 to the EB Research Partnership, before that it had May donated $400,000 to Big Green. As of June 2021, the organization had donated over $3 million to several charities including the Human Relief Foundation, Color The Spectrum, and GiveIndia.
Apart from that Elongate also launches charity parties on the Twitch platform to raise money for non-profit causes. The company has organized these live streams with several prolific people including Livestream with Kevin Longino, founder CEO of National Kidney Foundation, Kimbal Musk.
Products and services
Elongate, as a cryptocurrency, aims to facilitate profitable investments for the buyers with the added benefit of helping them contribute for the greater good. Elongate as a non-profit organization, aims to work diligently towards elevating the global community focusing on education, poverty, and several other necessary causes.
In the media
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