Engiven, Inc., a pioneer in the cryptocurrency donation arena, announces the launch of its donation custody solution, making it safe and easy for charities to accept crypto donations and hold them in cold storage. Engiven’s new custody solution is the first of its kind, giving nonprofits and their donors the ability to donate crypto that can be immediately exchanged for USD or placed into cold storage.
In 2021, crypto was not only one of the fastest growing tradable assets, but it was also the fastest growing segment in the philanthropy space. On the Engiven platform, the average crypto donation was over $15,000. According to Gemini’s 2021 State of U.S. Crypto Report, over 14 percent or 21 million U.S. adults are holding some form of crypto.” While crypto continues to gain popularity, there are few places to spend it, leaving donating it to organizations as a great option.
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According to James Lawrence, Engiven’s CEO, “Over the past three years, many of our nonprofit clients have asked for a safe and seamless custody solution to receive crypto donations that can be held and exchanged at a later time. Engiven has delivered by introducing a powerful, easy to use custody solution where our customers can receive crypto donations, safely store them, and exchange them when desired. Crypto custody is the next major evolution in cryptocurrency giving.”
It’s estimated that more than 95% of nonprofits who accept crypto donations exchange them for fiat currency immediately. However, there’s a growing trend of charities that hope to leverage the growth of crypto by holding some of those assets for the long term. Engiven’s custody solution enables nonprofits and their donors to choose if they want donations immediately exchanged or held in custody. Donated crypto assets selected to be held are immediately stored in a Gemini Trust LLC custody account and placed into cold storage until needed.
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Paget Stanco, Business Development, Gemini explains, “Gemini is dedicated to empowering nonprofits to integrate crypto and we continue to be impressed with Engiven’s innovations in the crypto philanthropy space. Engiven’s integration with Gemini provides the nonprofit community with a powerful combination of donation management and industry-leading security and storage solutions for their digital assets.”
The Engiven custody solution is now part of Engiven’s Premium Service which also supports unlimited designated giving funds and automated tax document creation for nonprofits and their donors. Engiven believes cryptocurrency will continue to provide an exceptional tax-based giving opportunity for donors who have been holding crypto long-term.
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