Why Every Nonprofit Should be Set Up to Accept Cryptocurrency
Last week, we were chatting with the CEO of one of our nonprofits, who earlier this year signed up to accept cryptocurrency donations, and I jokingly said,
“I bet you haven’t gotten much out of it yet!”
…and he replied, “Actually, we are set up on The Giving Block’s index fund program, so anonymous donors can give crypto to a general cause or industry, and the money is divided up among all the charities who sign up.
Their early success was surprising enough, but he then told me they had over the last year received thousands of dollars in anonymous donations without making a single ask. Just saying it sounds a little gimmicky and too good to be true, so I did a little more research.
Full disclosure, PRIDE Philanthropy has been a member of the Giving Block’s partner program for quite some time now, and we love the work they do. They act as an intermediary between a donor and a charity, so the donor can avoid capital gains taxes on crypto donations, and the charity now has access to the tens of millions of dollars worth of crypto given away every year without having to create a crypto wallet. The charity receives the donation in plain $USD, so win-win for everyone.
I had not until recently, however, considered the true advantages their Impact Index Fund program. We have always recommend the Giving Block because in the case someone wants to donate crypto to one of our clients, they now can, but the true value might be in the “set it and forget it” nature of just having donations trickle in over the next few years.
Obviously there is never any guarantee, but all the nonprofits we’ve asked have had some amount of cash come in just from setting up an account. We know the trend of crypto in fundraising isn’t going away anytime soon, so it might be worth considering for any charity in the US.
If you want to learn more about The Giving Block for yourself, you can book a free 30-minute demo with them and see if it’s a good fit. The tens of millions of dollars are going to charities every year, and you may as well get a pice of the pie!
