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Crypto Vendors

  • 1.  Crypto Vendors

    Posted 07-12-2021 12:07 PM
    We are looking to get a sense of what vendors others are using to accept donations of cryptocurrency.
    We have already decided we will use a third party vendor to process these donations.
    If you are already accepting crypto, would you take a moment to share:
    Which vendor are you using?
    Do you recommend them?
    Any Pros/Cons or anything wish you had known?

    Serena Livingston
    Director of Gift Administration, Recording Sec
    Rhode Island School of Design

  • 2.  RE: Crypto Vendors

    Posted 07-12-2021 02:03 PM
    We did some research in this area recently. We liked Bitpay, it's inexpensive, and in particular, has a value guarantee on liquidation, so that if you choose to instantly move donations into USD, they guarantee that the amount you get is equal to the value of the coin at the time of the transaction. This means that you don't have to record Crypto like stock transactions, since the amount you get is always equal to the amount you give, and there's no need for substantiation of value by hi-low of the market.

    We did not like Giving Block, which is trying to create a donor marketplace for crypto, because it was pretty expensive. But if the network they build gets large enough, it may be worth it!

    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151

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