Give2Asia’s partner charities can now benefit from Bitcoin, Ethereum, and other cryptocurrency donations.
The growth of cryptocurrencies creates a massive opportunity for altruistic investors and charities alike.
This giving season, Give2Asia is enabling our nonprofit partners to tap into this new source of donations. Through our collaboration with Every.org, all charities with an active Friends Fund at Give2Asia can benefit from donations of Bitcoin, Ethereum, Dogecoin, and other popular cryptocurrencies.
For US donors, donating cryptocurrency offers a way to support your favorite overseas charity while having the full amount of your gift qualify as a charitable contribution for federal tax purposes.
Why accept cryptocurrency donations?
Because of the increase in cryptocurrency prices over the past several years, many individuals around the world hold cryptocurrency that is now worth more than the purchase price. For US donors, giving cryptocurrency directly to a US-based charity—rather than selling it and donating the profits—can be attractive.
Charitable giving is also on the rise within the crypto community. During the pandemic, the founder of Ethereum gave cryptocurrency worth over US$1 billion to COVID-19 relief in India and other charities. While few donors can afford such generosity, charities may attract new donors by offering a crypto donation option.
For Donors: How to donate cryptocurrency to overseas charities
Give2Asia offers two ways for donors to support qualified overseas charities with crypto donations.
Option 1: Donate crypto directly to Give2Asia through BitPay
The first option is to make a donor-advised gift through Give2Asia, a US-based 501(c)(3) charity.
To get started:
- Visit Give2Asia’s BitPay donation page to make your donation
- Contact Give2Asia to discuss the specific project or recipient to which you wish to direct your gift.
Supported currencies: Bitcoin, Bitcoin Cash, Ripple, Dogecoin.
Option 2: Donate crypto to a Give2Asia fund through Every.org
The second option is to support one of our Friends Funds through Every.org, a U.S. 501(c)(3) nonprofit that leverages cryptocurrency exchanges to support a wider variety of cryptocurrencies. To get started:
- Visit Every.org and find your preferred charity
- Click the Donate button
- Select “Donate crypto, stocks, or DAF”, then “Crypto”
- Follow the instructions to complete your transfer.
Supported currencies with automatic conversion: Bitcoin, Ethereum, USD Coin. Supported currencies with manual conversion: any coin available on Coinbase or Binance.us. See details here.
Note: Your tax receipt will be provided by Every.org. After the cryptocurrency is sold, donations to charities/projects published by Give2Asia will be transferred to the appropriate fund at Give2Asia on a weekly basis.
For Charities: How to accept cryptocurrency donations
Our partners with an American Friends Fund at Give2Asia can benefit from cryptocurrency donations through our collaboration with Every.org.
Here are two ways you can receive crypto donations. While these will work for donors worldwide, only US donations will be eligible for tax benefits.
Important note: All donations made to Give2Asia projects on Every.org will be transferred to the appropriate fund at Give2Asia once a week. Friends Fund partners will see a single donation from Every.org in their Give2Asia Portal, rather than each donor’s information.
Option 1: Send cryptocurrency donors to your organization’s project page on Every.org
Friends Fund partners can find your organization’s Every.org page using the search box on their homepage:
Once you find your page, share the URL to your donors with the donation instructions in this blog post. If you can’t find your organization, email email@example.com for assistance.
Option 2: Get a “Donate Crypto” button for your website
Friends Fund partners can also get a Donate Crypto button for your website. For example, here’s Give2Asia’s button:
To get a Donate Crypto button for your organization:
- Go to https://www.every.org/crypto-button
- Use the search box to find your organization, then click continue
- Copy the HTML code provided and send it to your web developer
As mentioned previously, donations made on Every.org will be transferred to the appropriate fund at Give2Asia once a week. Friends Fund partners will see a single donation from Every.org in their Give2Asia Portal, rather than each donor’s information. You can learn more about Every.org’s cryptocurrency donation tools here.
We hope this overview provides a helpful introduction to donors and charities alike. If you have additional questions about how you can give or receive cryptocurrencies and other appreciated assets, contact Give2Asia’s international giving team.
This information is provided for educational purposes only. Please consult a qualified tax professional in your jurisdiction to discuss your situation.