The Best Crypto Fundraising Platforms for Nonprofits

by | Jan 5, 2023

Crypto fundraising is key to achieving strong long-term fundraising outcomes, especially among Millennial and Gen Z donors. Though donors give hundreds of millions of dollars in crypto donations to charities every year, the appeal of crypto is not exclusively about the numbers.

Because today’s donors are, on average, 65 years old, nonprofits should act now in order to future-proof their organizations and practice effective stewardship among younger donors.

Why crypto? With mass adoption rates skyrocketing, an overwhelming majority of Millennial millionaires holding crypto and a growing number of young investors losing faith in traditional assets, it’s clear that cryptocurrency fundraising will be an increasingly important method of giving to the next generation of philanthropists.

But what is the best way to accept crypto donations in 2023? With numerous platforms out there, let’s explore the options available for nonprofits and other charitable organizations.

What’s the Best Way to Fundraise and Accept Crypto Donations?

In the past few years, Crypto Philanthropy has helped nonprofits of all shapes and sizes meet their revenue goals. Crypto fundraising has even helped some nonprofits weather significant fundraising shortfalls caused by the COVID-19 pandemic.

The key word here is “fundraise.” The nonprofits that find the most success with crypto donors tend to be those that actively build a community of supporters in the crypto space—through genuine efforts to educate, steward, collaborate and fundraise. 

Not sure how much time and money to invest in crypto philanthropy? By only dipping your toe in the water and not learning to actively fundraise crypto, you are betting on crypto donors somehow finding your cause. 

At The Giving Block, we help donors find nonprofits and help nonprofits actively fundraise, which are two major keys we’ve found that drive success in crypto philanthropy. 

Approaching crypto with caution and hesitancy, on the other hand, can severely limit your success as crypto donors are a passionate and generous group and like to support organizations that can meet them where they are. 

Considering the “DIY” Approach? Here’s Why You Should Probably Reconsider.

Though anyone (including a nonprofit) has the option of opening a digital wallet that would allow them to transact with cryptocurrencies, simply having a digital wallet is not a good enough solution for most nonprofits that want to successfully fundraise with young, modern philanthropists. 

For one thing, digital wallets require a working knowledge about crypto and blockchain. Second, you will probably need multiple wallets to accept different types of assets. Proper management of these wallets can get complicated fast. And while receiving a cryptocurrency donation will feel great, your organization will next need to decide whether to hold the received asset or to cash out—and will then need to know how to do so. 

Most importantly, a digital wallet requires your team to be in charge of security, donor privacy, compliance and donor receipts, which can be especially challenging if you receive a generous but anonymous crypto donation

With too much time spent worrying about these concerns, your team will lose precious time it could be using to design a unique crypto fundraising campaign. Luckily, there are several good solutions that can help your team maximize its fundraising outcomes with crypto donors.

Choosing the Best Crypto Fundraising Platform for Your Nonprofit

When evaluating a crypto fundraising platform for your nonprofit, start with big picture data points, like how many nonprofits already use the platform for fundraising crypto and the total crypto donation volume raised through the platform.

Your team should also consider if a solution has comprehensive offerings that makes it truly valuable to your nonprofit and worth the investment. Here are several product features and value-add factors these solutions may offer:

  1. Support for multiple cryptocurrencies
  2. Simplified wallet setup and management
  3. Automatic cash conversion upon receipt
  4. Automated tax receipts for donors
  5. Automatically generated IRS Form 8282/8283
  6. Crowdfunding or peer-to-peer fundraising options
  7. Donation match initiatives
  8. Fundraising awareness campaigns
  9. Experienced team devoted to crypto fundraising
  10. Services for high-net worth donors
  11. Stock asset donation acceptance
  12. Credit card donation processing

As you might expect, each platform offers a different set of features. In essence, choosing a cryptocurrency fundraising solution is an important decision, as it can impact how prepared your team will be to tap into the crypto community’s generosity and handle your new inflow of crypto donations.

To learn more about The Giving Block’s platform, speak with an expert from our crypto fundraising team today.

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