Summary: Bitcoin News reports on MAPS’ recent expansion to include cryptocurrency donations from Bitcoin, Litecoin, and Ethereum for ongoing psychedelic and marijuana research. “The founder of MAPS, Rick Doblin, explained that cryptocurrency has brought much needed innovation to the financial market. It has thus allowed MAPS the opportunity to grow as a result. For example, MAPS first began accepting bitcoin donations in 2013. Since then, the crypto-ecosystem has donated about 115 bitcoins to the organization,” explains Sterlin Lujan of Bitcoin News.
Originally appearing here.
The Multidisciplinary Association for Psychedelic Studies (MAPS) recently expanded their ability to accept donations in cryptocurrency. In addition to bitcoin, the nonprofit will now accept Litecoin and Ethereum. To celebrate their partnership with the cryptocurrency community, DecentraNet and HSW are hosting a cocktail cruise and art auction on August 13 to raise funds for MAPS.
The cryptocurrency funds will be used by MAPS to initiate phase 3 clinical trials for MDMA-assisted psychotherapy. The goal of this therapy is to help sufferers of PTSD (Post-Traumatic Stress Disorder) using the quasi-psychedelic substance MDMA. MAPS has been working closely with the FDA in order to complete the studies. If they raise $12.5 million they should be able to make MDMA a legal medicine by 2021.
Their press release elaborated, “This year, working closely with the U.S. Food and Drug Administration (FDA), MAPS is initiating Phase 3 clinical trials of MDMA-assisted psychotherapy for PTSD. These trials will build on the results of MAPS’ completed Phase 2 trials, in which two-thirds of participants with chronic, treatment-resistant PTSD no longer had PTSD after just two sessions of MDMA-assisted psychotherapy. MAPS anticipates FDA approval for the prescription use of MDMA-assisted psychotherapy for PTSD by 2021—provided the research receives the necessary funding.”
What is ecstasy?
For anyone unfamiliar, MDMA is a chemical compound that is usually referred to as “ecstasy” or “molly” on the streets. MDMA stands for methylenedioxymethamphetamine. It is a psychoactive drug that causes people enter into an altered state of consciousness. They become introspective, less defensive, courageous, and highly empathetic. The compound also heightens the sense of touch, causing the person to touch themselves and others often and with enthusiasm.
MDMA also helps dissolve barriers to personal exploration. It allows people to resolve latent trauma without as much fear and apprehension. This is what makes it an exemplary drug within the context of a therapeutic setting. In this environment, clients who take MDMA and work with a trained professional can tackle their latent traumas with courage and love.
Luckily, the rise of cryptocurrency has provided a new form of fundraising for MAPS, which may lead to the eventual legalization of this helpful drug.
Bitcoin and Altcoins are Promising Forms of Funding
The founder of MAPS, Rick Doblin, explained that cryptocurrency has brought much needed innovation to the financial market. It has thus allowed MAPS the opportunity to grow as a result. For example, MAPS first began accepting bitcoin donations in 2013. Since then, the crypto-ecosystem has donated about 115 bitcoins to the organization. The press release elaborated:
MAPS was an early supporter of cryptocurrency donations, first accepting Bitcoin donations in December 2013. The cryptocurrency community has been eager to contribute to MAPS’ work, donating more than 115 BTC to date, valued over $64,800. These gifts have helped fund MAPS’ international psychedelic research, public education, psychedelic harm reduction, and advocacy projects.
MAPS is now continuing their tradition of partnering with the cryptocurrency community to further their agenda of helping to heal the world. They may even add more cryptocurrencies to their list of accepted donation funds in the near future.
MAPS was originally founded in 1986 and “is a 501(c)(3) non-profit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana.”