Cryptocurrency donation options have arrived!
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WHAT IS CRYPTOCURRENCY?
According to our third-party vendor donation platform Engiven.com, cryptocurrency, also known as Virtual Currency or “Crypto,” is a digital asset designed to function as a replacement for fiat (US Dollars, for example) whereby transactions between two parties are verified through a public, distributed ledger, also known as a blockchain. Most people think of Bitcoin when they hear the word “Crypto.” While Bitcoin was the first cryptocurrency introduced, there are thousands of unique cryptocurrencies in circulation, each with its own specific properties and values.
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HOW DO I DONATE CRYPTOCURRENCY TO GENESIS?
Genesis conducted a careful vetting process of donation platforms and is partnered with third party vendors Engiven.com and Endaoment.org to securely accept donations of cryptocurrency. When you click the "Donate Crypto Directly" link, you will be directed to the Genesis crypto donation portal with Engiven.com. When you select "Donor Advised Funds", you will be directed to our agency profile on Endaoment.org. There is no fee from Genesis to the donor for the donation of cryptocurrency. Genesis pays a small transaction fee to receive the donation from the payment vendor.
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HOW DOES THE TRANSACTION WORK?
1. Donors make a gift of cryptocurrency on our third-party vendor platform, Engiven.com
2. Once the transaction is approved, a receipt for the donation of cryptocurrency is sent immediately to the donor through the Engiven.com platform
3. The donated cryptocurrency is immediately converted to U.S. dollars
4. The funds as U.S. dollars are wired as cash to Genesis Women’s Shelter & Support
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WHAT CRYPTOCURRENCIES ARE ACCEPTED?
The Engiven.com donation platform accepts 39 different cryptocurrency tokens. Current Tokens: BTC ETH LTC ZEC LINK OXT DAI BAT AMP COMP PAXG ZRX BAL CRV MANA KNC MKR REN STORJ SNX UMA UNI YFI AAVE FIL ENJ BNT 1INCH SKL GRT LRC SAND CUBE BOND SUSHI INJ LPT DOGE
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HOW WILL MY DONATION BE USED?
Just like any donation you make to Genesis, donations of cryptocurrency will support domestic violence services for women and children who are clients of Genesis. If you would like to designate your donation to a specific program or campaign, please contact Maria MacMullin, Chief Impact Officer at mmacmullin@genesisshelter.org
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IS MY DONATION TAX DEDUCTIBLE?
Please refer to the IRS regulations regarding cryptocurrency donations or contact your tax advisor for specific details of how the donation of cryptocurrency is reported to the IRS. For your reference, the guidelines on Engiven.com also provide basic tax-related information about donations of cryptocurrency.