"Cryptocurrency can be difficult to understand, but the value of a major crypto donation converted to cash is not," said Engiven founder James Lawrence.
Engiven, a cryptocurrency donation platform that has helped facilitate contributions to the Salvation Army and others, expects religious groups and nonprofits to see major charitable payments in cryptocurrency tomorrow on Giving Tuesday.
The Tuesday after Thanksgiving in the United States is a day when people and organizations come together to donate their time and money to causes that are worthwhile, but it is not limited to a single country. . Engiven founder James Lawrence said he expects to see more cryptocurrency-based donations as part of the global charitable movement, given the rising prices of Bitcoin ( BTC ), Ether ( ETH ) and other tokens.
According to Lawrence, the platform that facilitates cryptocurrency donations for more than 400 faith-based organizations (including a single $ 10 million BTC donation in October) has seen donations "nearly fifty times higher" when people chose cryptocurrencies to donate. It reported that the average of donations at Engiven using a credit card since 2011 has been about $ 150, while that of any crypto donation is $ 7,500.
"In their current state, cryptocurrency donations are both an effective donation and a significant tax deduction, if the donor has appreciated the cryptocurrencies they have owned for more than a year, " Lawrence said. "It is not uncommon to see five- or six-figure donations to ministries on our platform."
"Cryptocurrency can be difficult to understand, but the value of a large crypto donation turned into cash is not. And that is what is happening."
Engiven helped enable crypto donations for the Salvation Army, one of the world's largest charities, before Christmas 2020, when many US residents were socially isolated, locked up, or otherwise unable to physically place money in Cash in the group's traditional "red cauldrons". According to the platform, the Salvation Army will renew its efforts this Christmas season, with a fundraising campaign around "Cryptocurrencies in the Red Cauldrons", the group currently accepts BTC and ETH.
The Giving Block, another platform that allows nonprofits and charities to accept donations in crypto assets , is also looking to raise funds for Giving Tuesday, also known as Crypto Giving Tuesday. The website announced a goal of more than $ 100 million in crypto donations by 2022, "with hundreds of nonprofits ready to raise crypto funds during November and December."
Tomorrow is Giving Tuesday and also Crypto Giving Tuesday!
Let's change the world"Before the Covid pandemic, most nonprofits had an online strategy and donations were part of it," Lawrence said. "Today, no religious, church, or non-profit organization can afford to neglect its audience, donors, and online seekers. The development of Cryptocurrencies are rapidly becoming part of that online ecosystem."
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