The American Cancer Society Is Now Accepting Bitcoin Donations via BitPay
The American Cancer Society (ACS) is a nationwide non-profit health organization dedicated to eliminating cancer. Theorganization is now accepting Bitcoin donations through the bitcoin payment processor, BitPay.
ACS vice-president, Brant Woodward told Coindesk news outlet that, cancer affects people from all walks of life. As such, drawing support from a broad cross-section of donors isn’t surprising. Woodward claims the organization’s mission is urgent and in order to accomplish this mission, it needs to engage donors where they are.
BitPay claims that it has handled over $50 million in donations since 2017, in partnership with the Tony Hawk Foundation and the American Red Cross.
According to BitPay statistics, the average crypto donation has been revolving around $10,000 over the same period. The firm processes donations at a 1% flat-rate charge, which can be picked up by donors as well if they wish.
Similar to stock donations, crypto donations are acknowledged for tax purposes, as evident during this year’s version of Giving Tuesday.
According to BitPay CEO Stephen Pair, charitable organizations could accept bitcoin donations without necessarily having to hold bitcoin. He said the funds are accepted and verified by BitPay on the organization’s behalf and the firm settles the transactions in the preferred fiat.
Woodward stated that more and more people are utilizing cryptocurrencies. Hence, working with Bitpay will bring younger donors into the field and provide frictionless giving opportunities for everyone, he added.
Featured image courtesy of Shutterstock. Source: Cryptopress.