“Cryptocurrency may be tricky to understand, but the value of a major crypto donation converted into cash is not," said Engiven founder James Lawrence.
Engiven, a crypto donation platform that has helped facilitate contributions to the Salvation Army and others, expects religious groups and non-profit organizations will see significant charitable payments in crypto tomorrow for Giving Tuesday.
The Tuesday after Thanksgiving is celebrated in the United States marks a day when people and organizations come together to donate their time and money towards worthwhile causes — but not limited to any single country. Engiven founder James Lawrence said he expects to see more crypto-based donations as part of the global generosity movement, given the increase in prices of Bitcoin (BTC), Ether (ETH), and other tokens.
According to Lawrence, the platform facilitating crypto donations for more than 400 faith-based organizations — including a single BTC donation for $10 million in October — has seen donations “nearly fifty times higher” when people chose crypto as the medium of exchange. He reported the average donation on Engiven using a credit card since 2011 has been roughly $150, while that of any cryptocurrency is $7,500.
“In its current state, crypto donations are both an effective donation and a significant tax deduction, if the donor has appreciated crypto they’ve owned for more than a year,” said Lawrence. “It’s not uncommon to see five or six figure donations to ministries on our platform.”
“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.”
Engiven helped launch crypto donations for the Salvation Army, one of the largest charities in the world, before Christmas in 2020, when many U.S. residents were socially isolating, in lockdown, or otherwise unable to physically place cash in the group’s traditional ‘Red Kettles’. According to the platform, the Salvation Army will be renewing its efforts this holiday season, with a fundraising campaign around “Crypto at the Red Kettle” — the group currently accepts BTC and ETH.
The Giving Block, another platform allowing non-profit organizations and charities to accept donations in crypto, is also looking to raise funds for Giving Tuesday, also known as Crypto Giving Tuesday. The website announced a target of more than $100 million in crypto donations by 2022 "with hundreds of nonprofits ready to fundraise crypto throughout November and December."
“Prior to the Covid 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.”