goDonate secures deal to help charities accept crypto

Digital fundraising platform goDonate has struck a partnership with crypto philanthropy leader The Giving Block to enable charities to accept gifts in cryptocurrency from supporters.

It is claimed that the partners’ integrated services will provide charities of all sizes with a straightforward way to offer crypto donations alongside more traditional fundraising methods.

With the crypto bull market ramping up, the move is designed to empower charities to accept Bitcoin, Ethereum, USDC and other cryptocurrencies. Almost 600 million people use crypto worldwide, largely Millennials and Gen Z.

Many donors have turned to cryptocurrencies as their preferred asset for charitable giving due to the highly incentivising tax benefits, which include not having to pay capital gains tax on donated crypto.

Charities using this integration will now be able to display crypto as a giving option directly in their online donation form through goDonate. When charities increase their giving options to include crypto, they can meet donors based on how they prefer to give, as well as convert and retain more high-value donors.

When a crypto donation is made, the technology instantly and automatically converts it to cash, eliminating any need for the charity to worry about price volatility, however, this can be switched off for those who may want to hold the crypto to monitor its value before eventually choosing to sell.

The service is being offered free of charge to existing goDonate Plus and without any additional annual fees. Along with access to this integration, charities will also receive access to fundraising communication strategies for crypto users and tips on how to target new cryptocurrency donors.

goDonate managing director Vicky Reeves said: “Our combined service is straightforward, fast and free to set up. This is a boon for third-sector organisations seeking to engage high-value, tech-savvy individuals who are using cryptocurrency.

“This is a potentially huge and therefore vital income stream for charities, regardless of their size and existing donation channels. But it’s important to realise that if your organisation doesn’t give cryptocurrency users the ability to donate with it, they’re likely to give to another charity that does.”

The Giving Block works with more than 2,000 non-profits on non-cash fundraising strategy. Co-founder Alex Wilson commented: “The rise of the unique community of modern philanthropists represents a growing yet largely untapped target market for charities. Insight shows crypto users are prepared to make comparatively generous donations but often lack the option to do so.

“Providing them with the smoothest possible donor journey is an important aspect of persuading them to become ongoing supporters.”