Charity platform expects much bigger crypto than fiat donations for Giving Tuesday

Engiven, a crypto donation platform that has helped facilitate contributions to The Salvation Army and others, expects church groups and ...

Engiven, a crypto donation platform that has helped facilitate contributions to The Salvation Army and others, expects church groups and nonprofits to see significant charitable payouts in crypto tomorrow for Giving Tuesday.

The Tuesday after Thanksgiving is celebrated in the United States as a day when people and organizations come together to donate their time and money to worthy causes, wherever they are. Engiven founder James Lawrence said he expects to see more crypto-based donations as part of the global generosity movement, given the rise in Bitcoin prices (BTC), Ether (ETH) and other tokens.

According to Lawrence, the platform has facilitated crypto donations for more than 400 faith-based organizations – including a single donation of BTC for $ 10 million in October – and found that donations are “almost fifty times higher” when people choose crypto as a medium of exchange. He reported that the average donation on Engiven using a credit card since 2011 has been around $ 150, while that of any cryptocurrency is $ 7,500.

“In its current state, crypto donations are both an effective gift and a significant tax deduction, if the donor has enjoyed the crypto they have owned for over a year,” Lawrence said. “It is not uncommon to see five or six figure donations to ministries on our platform.

He added:

“Cryptocurrency can be difficult to understand, but the value of a major crypto gift converted to cash is not. And this is what is happening.

Committed aid launch crypto donations for the Salvation Army, one of the world’s largest charities, ahead of Christmas in 2020, when many U.S. residents were socially isolated, stranded, or unable to physically place money in the red kettles traditional group. According to the platform, The Salvation Army will renew its efforts this holiday season with a fundraising campaign around “Crypto at the Red Kettle” – the charity currently accepts BTC and ETH.

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The Giving Block, another platform enabling nonprofits and charities to accept crypto donations, is also looking to raise funds for Giving Tuesday, also known as Crypto Giving Tuesday. The website announcement a goal of more than $ 100 million in crypto donations by 2022 “with hundreds of nonprofits ready to raise crypto funds in November and December.”

“Before the COVID-19 pandemic, most nonprofits had an online strategy and donations were part of it,” Lawrence said. “Today, no faith-based organization, church or nonprofit can afford to neglect its online audience, donors and researchers. Crypto is quickly becoming part of this online ecosystem.