It has been reported that the organization will be working with charitable platform provider RenPSG to allow its donors to move cryptocurrencies like Bitcoin (BTC) into new donor-advised funds to support nonprofits and other charitable organizations.
However, RenPSG will start offering a solution that allows charities to accept more than 45 different cryptocurrencies like Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE).
The Giving Block said that Renaissance Charitable Foundation, a donor-advised fund sponsor, will be the first of RenPSG’s institutional clients to begin accepting crypto donations via the new solution, which already started last week. Founded back in 1987, RenPSG is a major charity platform operating a custom donor-advised solution by providing a proprietary philanthropic software known as DFX.
According to The Giving Block, the RenPSG supported $16.6 billion in donor-advised fund assets for financial firms and nonprofit organizations throughout the United States in 2020.
The organization stated:
“With RenPSG’s massive reach, The Giving Block is taking another step towards making crypto philanthropy a worldwide phenomenon.”
Kelly Palmer, the Executive Director of RenPSG and Vice President of Strategic Growth Operations, pointed out that the platform is embracing crypto donations in response to the growing industry adoption.
“As the number of cryptocurrency users has grown, so has the number of crypto donations. We expect many of our clients to take advantage of this solution to diversify the types of assets they accept into their donor-advised fund offering and create interest to a whole new pool of donors.”
Likewise, Pat Duffy, the co-founder of The Giving Block said that Bitcoin and Ether were the top donated cryptocurrencies throughout the organization’s network in 2021.
“Historically Bitcoin has been dominant, but this year ETH seems to be pulling away with the lead.”
Last week, the organization announced that it is on pace to process over $100 million in cryptocurrency donations in 2021.
Thus, The Giving Block also expects to facilitate $1 billion in cryptocurrency donations in 2022 through a number of partnerships that are set to go live in the fourth quarter of 2021 ahead of Giving Season.