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Crypto donations—anyone with experience?

Louise Treacher Governance and Compliance at PSA Posted 3 years ago

Hi
We have set up a crypto wallet specifically to receive donations from one US based donor however the one we chose - which links to a well known crypto donation platform - The Giving Block does not accept two of the crypto currencies that our donor would like to use - aaahhh....
So does anyone else currently have this facility set up and if so who do you use as your wallet - I am looking at Coinbase and Coingate at the moment but struggling to get my head around the conversion to USD and then us needing to convert again to GBP.
It is making my brain hurt significantly. 
Thanks
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Louise Treacher

Louise Treacher Staff PANEL

Governance and Compliance at PSA 3 years ago

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Philip Wilson   Thanks - the sums could be considerable if we get it right !

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David Head

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Charity Consultant at Change is the Only Constant (consultancy) 3 years ago

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What are the currencies offered by your donor?

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Louise Treacher

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Governance and Compliance at PSA 3 years ago

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David Head   EOS, Ethereum and XLM 

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Louise Treacher   These all work on separate networks so you'll need a wallet that copes with them all and a bit of technical expertise available to configure and secure them. Wallets can be hardware - a device which you have to keep safe (Google Ledger Wallet for example), or online and accessible via your computer browser or a phone app (I use "Metamask" which will handle ETH, but "Trustwallet" and others are available, Google around again)
An alternative is to set up an account with an exchange (such as Binance, for example). The exchange is - as the name implies - a place to hold coins for buying and selling, the equivalent of a foreign currency exchange. Setting up an account can be a pain as you have to go through KYC processes and identification. However, once in place, you could have the coins sent directly to your account, from where you can sell your crypto for fiat (real world currency such as £GBP or $USD) and transfer to your current account. 
It'll take some time and effort to get up and running, so it will depend on (1) how much is involved as to whether you will feel it's worth investing resources in setting it all up, and (2) whether you anticipate converting back to fiat immediately, or holding on to crypto as an investment.
It's a security minefield too, so take care. Take advice (from someone who knows a lot more than me, I mean!) from someone you can trust.
I think it'll become more and more common in the future for charities to accept and deal in crypto, but you're cutting edge at the moment!
David

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