IN BRIEF
- The Salvation Army is now accepting donations in BTC and ETH.
- The pandemic has deepened poverty, increasing the need for charitable giving in 2020.
- Crypto donations take advantage of the hype of a new monetary system to help the charity meet its needs while maintaining a social distance.
The Salvation Army has announced that it will accept crypto donations. As crypto-currency prices rise and social distancing continues, the organization is looking to take advantage of the emerging digital phenomenon.
What would Satoshi do?
Maybe you’ve seen them on the street or hanging out in front of grocery stores while their breath forms a light fog? They ring their bells, they beat red kettles and they are dressed as Santa Claus. They want you to make a donation to charity. Yes, that’s the Salvation Army.
This year, contrary to the usual vacations, the Good Samaritans are staying home to respect the social distance. Also, interest in digital currencies has exploded. From central banks to libertarians, everyone wants to send their money digitally.
The 150-year-old charity is in turn embracing this new asset class, seeing encrypted donations as an opportunity to help the poor. On December 15, 2020, Engiven Inc. announced that it would manage crypto-money donations for the Salvation Army.
Digital donation bowls
In the United States, Army converts are mostly on the streets and wish people happy holidays throughout the month of December. They wholeheartedly ask passers-by to deposit their small change in their famous red bowl.
Knowing that people are now staying at home (and away from the stores), it is more difficult than usual to get donations. According to the Salvation Army, the pandemic has hit poor communities harder, so fundraising has become a problem.
The Christian organization says it normally helps 23 million Americans a year. This year, however, it expects a 155% increase in normal demand due to the poverty caused by the COVID-19 pandemic.
Fortunately for the organization, it has a backup solution: crypto-money. The head of the U.S. Western Territory Section, Douglas Riley, said :
We believe that the value and widespread use of Bitcoin has created a tremendous donation opportunity to meet the high needs.
Know Your Customer
As with all good news, there are also restrictions related to the Know Your Customer (KYC) principle. Engiven assures users that if they follow the platform protocols, crypto donations will be safe, secure and tax-deductible.
Engiven works with charities and non-profit organizations to bring crypto money to their coffers. Although the Salvation Army, a religious charity, accepts donations of digital currency, it does not appear to be hoddering. According to its website, Engiven will convert the crypto it receives into U.S. dollars.
Engiven also seeks to educate the public about charitable donations of crypto currency. The company describes donating through crypto as being as simple as using a credit card. It also says people can donate to any of the 1.6 million U.S. nonprofit organizations that use the platform.
With Bitcoin’s growing popularity and having currently surpassed $23,000, this year could be the right year to accept crypto transactions. People who wish to do so can send Bitcoin and ETH, including social distancing, to the Salvation Army at cryptokettle.org.