American Cancer Society Now Accepting Bitcoin Donations Through BitPay

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American Cancer Society Now Accepting Bitcoin Donations Through BitPay

“Cancer affects people from all walks of life, so it’s not surprising that we draw support from a broad cross-section of donors,” ACS exec Brant Woodward told CoinDesk. “Our mission is urgent and so as to accomplish it, we'd like to interact donors where they're .”

Founded in 2011 as a bitcoin payment solution, BitPay said it's handled quite $50 million in donations since 2017 with partners like the Tony Hawk Foundation and therefore the American Red Cross .

Over an equivalent period, the typical crypto donation has hovered around $10,000, consistent with BitPay statistics. BitPay processes donations at a 1 percent flat-rate fee, which may be picked up by donors also if they want . 

Working similarly to stock donations, crypto donations are acknowledged for tax purposes, as heralded during this year’s rendition of Giving Tuesday.

“In accepting bitcoin donations, charitable organizations attract new donors without ever having to carry bitcoin,” BitPay CEO Stephen Pair said. “BitPay verifies the funds and accepts the bitcoin on behalf of the organization and settles the transaction in USD or the well-liked fiat.”

The ACS relies totally on grassroots fundraising, particularly among people in their forties and fifties, Woodward told CoinDesk. As crypto may be a nascent financial technology, the ACS hopes working with BitPay will bring younger donors into the fold.

“The reality is that more and more people are utilizing cryptocurrency,” said Woodward. “This allows us to be relevant with younger donors and supply frictionless giving opportunities for them and for us to satisfy them where they're .”