The Giving Block, a major organization focused on the cryptocurrency donations industry, continues to expand its crypto charity reach with a new partnership.
The organization will be working with charitable platform provider RenPSG to allow its donors to move cryptocurrencies like Bitcoin (BTC) into new donor-advised funds to support nonprofits and other charitable organizations, The Giving Block announced Sept. 23.
Renaissance Charitable Foundation, a donor-advised fund sponsor, will be the first of RenPSG’s institutional clients to begin accepting crypto donations via the new solution starting this week, The Giving Block said.
Founded back in 1987, RenPSG is a major charity platform operating a custom donor-advised solution by providing a proprietary philanthropic software known as DFX. According to The Giving Block, the RenPSG supported $16.6 billion in donor-advised fund assets for financial firms and nonprofit organizations throughout the United States in 2020.
“With RenPSG’s massive reach, The Giving Block is taking another step towards making crypto philanthropy a worldwide phenomenon,” the organization noted on Twitter.
Kelly Palmer, RenPSG’s executive director vice president of strategic growth operations, pointed out that the platform is embracing crypto donations in response to the growing industry adoption:
“As the number of cryptocurrency users has grown, so has the number of crypto donations. We expect many of our clients to take advantage of this solution to diversify the types of assets they accept into their donor-advised fund offering and create interest to a whole new pool of donors.”
The Giving Block co-founder Pat Duffy told Cointelegraph that Bitcoin and Ether were the top donated cryptocurrencies throughout the organization’s network in 2021. “Historically Bitcoin has been dominant, but this year ETH seems to be pulling away with the lead,” he noted, adding that DOGE donations have also seen a surge this year.
Founded in 2018, The Giving Block is a major crypto donation solution focused on helping nonprofits raise funds in cryptocurrencies like Bitcoin. On Monday, the organization announced that it is on pace to process over $100 million in cryptocurrency donations in 2021. The Giving Block also expects to facilitate $1 billion in cryptocurrency donations in 2022 through a number of partnerships that are set to go live in the fourth quarter of 2021 ahead of Giving Season.