UK fundraising platform now accepting cryptocurrency donations – London Business News | Londonlovesbusiness.com

Leading UK fundraising platform JustGiving has introduced a new method for accepting donations, making it the first of its kind in the country to accept cryptocurrency. This initiative has been made possible through a partnership with The Giving Block, a prominent platform for crypto donations.

Starting this week, donors can contribute using over 60 types of cryptocurrencies. These include major options like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), as well as popular memecoins like Dogecoin (DOGE) and Shiba Inu. The development is designed to attract a broader range of donors and increase opportunities for charities to receive support in innovative ways.

Cryptocurrencies have become more popular across multiple use cases. Since investment is one of the most popular, many people are constantly looking for the newest crypto to invest in, as they search for assets with faster transaction speeds, increased scalability, and the opportunity to earn passive income through functions like staking. Now, the addition of digital asset support to public fundraising expands potential uses of crypto and simplifies these donations.

The partnership with The Giving Block shows an important achievement in the evolution of digital fundraising, indicating JustGiving’s commitment to staying at the forefront of technology. This step is expected to provide charities with access to new donation sources and help them engage with a fast-growing demographic of cryptocurrency users.

Cryptocurrency has seen a rise in global adoption, with an estimated 580 million people using digital assets, according to The Giving Block’s 2024 Annual Report. The report also revealed that approximately £1.5 billion worth of cryptocurrency has been donated to charitable causes to date.

A key factor driving this trend is the tax advantages associated with crypto donations. Contributions made using cryptocurrency are classified as “no-gain” and “no-loss” transactions, which exempts them from capital gains tax. This tax efficiency particularly appeals to donors and encourages more contributions through this method.

Through the new collaboration, JustGiving ensures that cryptocurrency donations are easily integrated into all UK fundraising pages. Charities can now offer crypto as a donation option alongside traditional methods such as card payments and bank transfers. Once a cryptocurrency donation is made, the funds are automatically converted into GBP before distribution to the intended charities. This conversion protects charities from crypto’s instability while maintaining simplicity in the donation process.

The introduction of this feature demonstrates a forward-thinking approach to charitable giving, addressing both the needs of donors and the operational challenges faced by charities. It offers a secure, efficient, and modern solution for fundraising in the digital age.

Since its establishment in 2000, JustGiving has played an important role in transforming the fundraising landscape. Over the past two decades, the platform has helped collect more than £7 billion for thousands of charities and commendable causes worldwide.  The recent decision to accept cryptocurrency donations builds on JustGiving’s legacy of innovation.

In recent years, the platform has integrated artificial intelligence into its page creation process, helping fundraisers craft engaging and compelling stories for their campaigns. Pascale Harvie, President and General Manager of JustGiving, expressed pride in the platform’s culture of innovation. She stressed that enabling cryptocurrency donations shows a commitment to exploring new opportunities to drive support for charitable organisations.

Alex Wilson, Co-Founder of The Giving Block, stated the transformative potential of this partnership. He pointed out that with cryptocurrencies like Bitcoin now being used by millions worldwide, it is essential for charities to adapt and cater to this emerging donor base. Wilson stressed the importance of making crypto donations as easy and accessible as traditional methods, ensuring that organisations can benefit from this growing trend.

While the introduction of cryptocurrency donations presents numerous opportunities, some challenges remain. Experts have raised concerns about the natural instability of digital assets and their environmental impact. However, with appropriate safeguards and policies in place, charities can mitigate these risks and harness the benefits of this innovative funding method.

Rhodri Davies, founder of Why Philanthropy Matters, described this development as a positive step for the charitable sector. He acknowledged that cryptocurrency donations could provide a new revenue source for organisations at a time when funding can be difficult to secure.