Charity Starts Accepting Virtual Currency Donations
5 February 2015 at 10:23 am
A major international charity has taken the unusual step of accepting donations in virtual currencies.
Global Impact, a Not for Profit organisation that supports international charities based in the United States, announced recently that it would start taking bitcoin donations.
Bitcoin is an online payment system that basically works as cash for the internet.
Global Impact, which claims to have raised up to $108 million and supported 11,000 charities in a single year, already accepts donations in 120 currencies worldwide, as well as securities and stocks.
Global Impact Investment Vice President Joseph Mettimano said the addition of bitcoin to its list of accepted currencies would enable the organisation to serve the diverse needs of donors, furthering its ongoing efforts to grow global philanthropy.
“At Global Impact, we are committed to serving the world’s most vulnerable people. Accepting donations in bitcoin gives us another way to do just that and puts us on the cutting edge of fundraising technology,” Mettimano said.
“This is an exciting new frontier for global philanthropy and we are eager to see how bitcoin opens new doors, not only for donors, but for banking in the developing world.”
Global Impact said it had also entered into a strategic partnership with Ribbit.me, the world’s first rewards program built using blockchain technology, the same technology behind bitcoin.
Global Impact is now a preferred charitable partner of Ribbit.me and will receive a percentage of these bitcoin rewards, which will be converted to cash to support Global Impact’s High Impact Funds.
Bitcoin donations to Global Impact are converted into cash through BitPay, a payment processor and funds are then distributed by Global Impact to charity partners around the world.
Bitcoin can be donated to Global Impact online here.