Engiven, a crypto donation platform that has enabled the Salvation Army and others accept donations, predicts that religious and non-profit organizations will receive considerable philanthropic payments in crypto on Giving Tuesday.
In the United States, the Tuesday after Thanksgiving is observed as a day when people and organizations come together to volunteer their time and money to worthy causes, regardless of their location. Given the rise in the values of Bitcoin (BTC), Ether (ETH), and other tokens, Engiven creator James Lawrence expects to see more crypto-based donations as part of the global giving movement.
According to Lawrence, the site has handled crypto donations for over 400 faith-based groups, including a single $10 million BTC payment in October, and has noticed that donations are “almost fifty times greater” when crypto is used as the means of exchange. Since 2011, the average donation on Engiven made using a credit card has been around $150, whereas the average donation made with any cryptocurrency has been around $7,500.
“If the donor has appreciated bitcoin they’ve owned for more than a year, crypto donations are both an effective donation and a big tax credit,” Lawrence added. “It’s not uncommon for ministries on our platform to receive five- or six-figure donations.”
Cryptocurrency may be tricky to understand, but the value of a major crypto donation converted into cash is not. And that’s what’s happening.
Before Christmas in 2020, Engiven assisted in the debut of crypto donations for the Salvation Army, one of the world’s largest charities, when many Americans were socially isolated, in lockdown, or otherwise unable to physically drop cash in the group’s customary red kettles. The Salvation Army will renew its efforts this Christmas season, according to the platform, with a fundraising campaign centered on “Crypto at the Red Kettle” – the charity presently accepts BTC and ETH.
Giving Tuesday, also known as Crypto Giving Tuesday, is another opportunity for The Giving Block, a platform that allows non-profit organizations and charities to receive cryptocurrency payments. “Hundreds of NGOs are ready to fundraise crypto throughout November and December,” according to the platform, which has set a goal of more than $100 million in crypto donations by 2022.
“Prior to the COVID-19 pandemic, most non-profits had an online strategy and giving was part of that,” said Lawrence. “Today, no faith-based organization, church or non-profit can afford to neglect its online audience, donors and seekers. Crypto is rapidly becoming part of that online ecosystem.”