A crypto donation platform by the name of Engiven has helped in facilitating donations to the Salvation Army as well as others. The platform said that it is expecting non-profit organizations and religious groups to see significant donations in crypto on Giving Tuesday. The United States celebrates the Tuesday that comes after Thanksgiving as one where organizations and people come together for donating their money and time towards some worthwhile causes, regardless of where they might be. James Lawrence, the founder of Engiven, said that he was expecting to see more donations based in crypto as part of the global generosity movement.
This was because of the current increase in prices of prominent crypto tokens, such as Bitcoin (BTC), Ether (ETH), along with some others. Lawrence disclosed that his platform had helped in facilitating crypto donations for over 400 faith-based organizations. This included a single donation in October that was worth $10 million in Bitcoin. He went on to say that he had seen donations in the form of crypto to be ‘fifty times higher’ when people chose this medium of exchange. He stated that the average donation on his platform since 2011 using a credit card has been around $150, but it has gone to as high as $7,500 where cryptocurrency is concerned.
Lawrence said that in their current state, cryptocurrency has proven to be a significant tax deduction as well as an effective donation, especially if the donor has seen an appreciation in the crypto they have owned for over a year. He said that it wasn’t uncommon to see donations to ministers on his platform in five or six figures. He went on to say that understanding cryptocurrencies may be tricky, but it wasn’t difficult to comprehend the value of a significant crypto donation that’s converted into cash and that doesn’t seem to be happening.
Engiven had played a key role in launching crypto donations for one of the world’s biggest charities, the Salvation Army, last year before Christmas. This was a time when most of the residents in the United States had been in physical lockdown, socially isolating, or just unable to put cash physically in the traditional red kettles of the group. The platform noted that this holiday season would see the Salvation Army renew all its efforts once more through a fundraising campaign dedicated to ‘Crypto at the Red Kettle’. Currently, the charity is accepting both Bitcoin (BTC) and ether (ETH).
Another platform that allows charities and non-profit organizations to accept donations in the form of crypto is the Giving Block and it wants to raise funds for Giving Tuesday, which is also referred to as Crypto Giving Tuesday. A target of crypto donations of more than $100 million by 2022 was announced. Lawrence said that before the global coronavirus pandemic had struck, a number of charities had an online strategy, but not all. However, in today’s climate, there isn’t any church, faith-based organization, or non-profit that can neglect its online donors, audience and seekers and crypto is becoming an essential element of this online ecosystem.