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Engiven Provides Trajectory Changing Opportunities for Nonprofits
Cause + Effect Podcast Highlights Key Changes in Crypto Donations
From supporting relief efforts in the Ukraine to partnering with the US Figure Skating Team, crypto donations are the newest giving currency on the scene. On the Engiven platform, the average crypto donation was over $15,000 and according to Gemini's 2021 State of U.S. Crypto Report, over 14 percent or 21 million U.S. adults are holding some form of crypto. With many people looking to support their favorite organizations and relief efforts through alternative avenues, crypto donation has become a more viable option. For many NPOs, 2021 saw unprecedented crypto donations.
Matt Hayes, Co-Founder and CTO of Engiven, shares some of the highlights that they experienced at Engiven, "There were trajectory changing gifts for some ministries that were really unleashed by the crypto markets changing these past few years. We had the privilege of processing a $10 million donation to a relatively unknown ministry. We also saw some wonderful six and seven figures gifts to churches. For us that was the highlight to see this groundswell of generosity of impactful gifts. We started 2021 with 37 customers on the platform and finished the year with over 800."
Most nonprofit organizations readily accept physical donations like cars, property, stocks and securities. While the IRS views crypto as property, Trent Dunham encourages nonprofits to consider setting up their crypto donation platform ahead of a donation. Dunham serves as the President of Dunham + Company providing leadership to non-profit organizations in integrated marketing, fundraising, online media and communications.
Dunham explains, "Most ministries to date are setting up a crypto donation platform when a donor comes to us saying that they want to donate crypto. Instead, we need to be ahead of that so that when the donor asks, we can be ahead of that and can facilitate that and then make people aware that it is set up."
Based on crypto giving reports, it is estimated that within each organization's database there is a range of 10-20% of adults that own crypto. Within that set there is a group that has crypto that has appreciated and that wants to donate their most appreciated asset. There are probably one to two decent size donors in every organization. It is important to share through both traditional and social media how people can partner through crypto donation.
For more information on how to accept crypto donations for your ministry or non-profit organization, visit: https://engiven.com