JustGiving, a leading UK fundraising platform, has recently announced a groundbreaking update that allows donors to contribute using over 60 types of cryptocurrencies. This new initiative, made possible through a partnership with The Giving Block, marks a significant milestone in the country’s fundraising landscape. By accepting popular cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Shiba Inu, JustGiving aims to attract a wider range of donors and provide charities with innovative ways to receive support.
The decision to incorporate digital asset support into public fundraising pages not only expands the potential uses of cryptocurrency but also simplifies the donation process for both donors and charities. Once a cryptocurrency donation is made, the funds are automatically converted into GBP, ensuring stability for the receiving charities. This forward-thinking approach exemplifies JustGiving’s commitment to staying at the forefront of technology and providing secure, efficient, and modern solutions for fundraising in the digital age.
The rise in global adoption of cryptocurrency, with an estimated 580 million users worldwide, has led to approximately £1.5 billion worth of cryptocurrency donations to charitable causes. One key factor driving this trend is the tax advantages associated with crypto donations, as they are classified as “no-gain” and “no-loss” transactions, exempt from capital gains tax. This tax efficiency appeals to donors and encourages more contributions through this method.
Despite the numerous opportunities presented by cryptocurrency donations, some challenges remain, such as the natural instability of digital assets and their environmental impact. However, with appropriate safeguards and policies in place, charities can mitigate these risks and harness the benefits of this innovative funding method. Rhodri Davies, founder of Why Philanthropy Matters, sees cryptocurrency donations as a positive step for the charitable sector, providing a new revenue source for organisations in challenging funding environments.
JustGiving’s decision to embrace cryptocurrency donations aligns with their culture of innovation, which includes integrating artificial intelligence into the page creation process to help fundraisers craft compelling campaigns. Pascale Harvie, President and General Manager of JustGiving, expressed pride in the platform’s commitment to exploring new opportunities to drive support for charitable organisations. Alex Wilson, Co-Founder of The Giving Block, highlighted the transformative potential of this partnership, emphasizing the importance of making crypto donations as easy and accessible as traditional methods.
In conclusion, the introduction of cryptocurrency donations by JustGiving represents a significant step forward for the fundraising sector in the UK. By embracing digital assets and providing donors with innovative ways to contribute, JustGiving is paving the way for a more inclusive and efficient fundraising experience. With the support of The Giving Block and a forward-thinking approach, JustGiving is poised to revolutionize charitable giving in the digital age.
