BitPay Facilitates the American Cancer Society Bitcoin Donations
The American Cancer Society (ACS) is a nationwide non-profit organization that focuses on eliminating cancer. ACS is currently accepting donations in Bitcoin through the cryptocurrency’s payment processor, BitPay.
Brant Woodward, the ACS vice-president, pointed out that cancer affects people of all walks of life. Therefore, there is no shame in asking for support from a broad cross-section of donors. Brant also noted that the ACS’s mission is urgent, and it needs donors’ help to accomplish its objective.
BitPays Donations Statistics
BitPay pointed out that it has so far handled $ 50 million in donations since 2017. It was possible due to BitPay’s partnership with the Tony Hawk Foundation and the American Red Cross.
As per BitPay’s statistics, the average crypto donation is about $ 10 000 since 2017. The firm processes donations at a 1 % flat-rate charge, and donors can pick it if they wish.
Crypto Donations Acknowledgement
Cryptocurrency donations are also getting acknowledged for tax purposes, and this got seen during this year’s version of Giving Tuesday. Stephen Pair, BitPay’s CEO, noted that organizations could accept Bitcoin donations without necessarily holding Bitcoin.
Stephen said that funds are both accepted and verified by BitPay, on behalf of the charitable organization. BitPay also settles the transaction in the fiat currency of preference. Woodward also noted that an increasing number of people are utilizing cryptocurrencies; hence, ACS working with BitPay will bring younger donors into the field.