Cryptocurrency philanthropy is a niche but rapidly growing landscape. Crypto donations are, in fact, expected to surpass $10 billion in a decade. This is the reason why, many leading organizations such as Save the Children USA and Khan Academy have started accepting Bitcoin donations.
However, not all organizations are equipped to accept donations in cryptocurrency. This is where platforms like the Giving Block come in. It not only empowers donors to donate assets like cryptocurrency but also enables nonprofits to accept crypto donations.
In this article, you will learn more about the Giving Block, its fees, advantages and disadvantages and its importance in the world of crypto philanthropy.
Company Overview
The Giving Block was founded in 2018 by Alex Wilson and Pat Duffy to equip nonprofit organizations to accept cryptocurrency donations. The aim was to help charities and crypto donors find each other to contribute to a good cause. The Giving Block, thus, serves the dual purpose of enabling nonprofits to accept cryptocurrency and allowing donors to find crypto-friendly charities.
The Giving Block was acquired by payment technology firm Shift4 in March 2022. In the same year, the Giving Block institutional was launched to provide personalized services to institutions. The institutional arm of the Giving Block focuses on tailoring its services and creating personalized solutions for institutional clients and donor-advised funds.
How Does the Giving Block Work?
The Giving Block is a platform catering specifically to non-profits and charitable organizations. When a user connects with the platform, they are assisted in setting up a cryptocurrency donation page and a donation widget. After this is done, the organization can start accepting crypto donations.
The Giving Block does not support unregistered charities or low-quality coins and provides active support to clients after the initial setup. It also undertakes fundraising and marketing events on the organizations’ behalf to raise awareness about crypto philanthropy and attract new donors.
It frees the organization from the payment processing part and lets them concentrate on the actual activities. People can donate anonymously here and they can get automated tax receipts as well by providing an email address.
The organizations can check the fund activity on their dashboard and can convert them to cash. The Giving Block also has active customer support that has answers to all queries of nonprofit organizations and their donors.
The Giving Block Pros
User-Friendly Platform
The Giving Block is a user-friendly platform with all the relevant information displayed on its main page. There is a list of supported charities on the website and you can view information about the organization including its mission statement by clicking on it.
Accepts Multiple Cryptocurrencies
Donations on the Giving Block are not just limited to Bitcoin. The platform supports over 80 cryptocurrencies that you can donate to charities. Therefore, you can even donate niche cryptocurrencies like JAM and QNT on the Giving Block.
Donation Widget
A defining feature of the Giving Block is that it allows organizations to embed the crypto donation widget on their website. This makes it easier for people to donate and organizations to receive crypto donations.
Guidance and Promotion
The Giving Block provides in-depth guidance and advice to charitable organizations on accepting cryptocurrency donations. It also runs campaigns on their behalf to raise awareness about the project and attract new donors.
The Giving Block Cons
Pricing Issues
The Giving Block does not publicly disclose its pricing and fees. This can be an issue as donors are not sure what percentage of their donated amount is actually going to the charity.
Unpredictable Revenue Flows
According to some users, it is difficult to predict the donation flow on the Giving Block as donations are usually tied to one-off big events. Further, it can be difficult to determine the exact value of a donation in USD if it’s mixed with others.
Transparency Issues
There have been complaints of the Giving Block not properly providing monthly activity reports. The fund activity is also sometimes not visible on the dashboard.
The Giving Block’s Contribution to Cryptosphere
The Giving Block occupies a unique place in the crypto philanthropy sphere. It is a well-designed ecosystem that enables charities and nonprofits to expand their donor base and revenue sources by accepting donations in cryptocurrency.
The Giving Block promises easy setup, good results and helpful customer support. Its work does not end at providing infrastructure for accepting crypto donations. Rather, it also organizes marketing campaigns for charities and nonprofits that sign up to the platform.
This massively helps various organizations actively raise funds to support their cause.
Frequently Asked Questions(FAQs)
Who Started the Giving Block?
The Giving Block was started by Alex Wilson and Pat Duffy in 2018 as a crypto fundraising solution for philanthropist organizations. It is now a leading solution that helps nonprofits accept crypto donations. In addition to that, The Giving Block also raises awareness about crypto donations in the nonprofit sector.
What are the Giving Block Fees?
The Giving Block does not publicly disclose its pricing and fees. Anecdotes, however, reveal that the transaction fee varies from organization to organization. You would most probably be able to find information about the same on the specific charity’s website itself.
Is the Giving Block Legit?
Yes, the Giving Block is legit as far as we can tell. It is a leading platform that enables nonprofits to accept cryptocurrency donations. It provides them with in-depth guidance about accepting cryptocurrency donations and has multiple resources available for the same.
The Bottom Line
The Giving Block is a leading cryptocurrency donation solution for mission-driven organizations in various spheres including schools and universities. It enables organizations to fully integrate the crypto donation widget on their website and helps them promote their cause and attract donors.
The Giving Block tailors its services according to the needs of individuals and institutions and encourages them to develop new streams of donations with the help of cryptocurrency.