According to a press release, this partnership has tripled the number of verified charitable organizations willing to accept digital assets, broadening the reach of digitally-native donors who want to contribute to social causes. In addition, donors can now make tax-deductible gifts using more than 1,000 digital currencies and assets to nonprofit organizations in Afghanistan, Japan, Australia and more.
GlobalGiving is 501(c)(3) non-profit organization based in the U.S. that vets and connects other nonprofits with donors. Since 2002, they have raised $826 million from 1.7 million donors across 175 countries. With this partnership, Endaoment can expand its mission beyond U.S. borders for the first time since it launched in 2020 and adds GlobalGiving's approved organizations to its public Ethereum (ETH) address book of nonprofit endpoints.
Robbie Heeger, president and CEO of Endaoment, told CoinDesk that the partnership helps Endaoment bring trusted non-profits into its ecosystem while providing an easy onramp for crypto payments.
"What's beautiful about partnering with GlobalGiving is not only are they another 501(c)(3) non-profit organization and not only do they have two decades of experience of doing international nonprofit grant making and due diligence, but they also have the existing connections to 80 different local currencies to pay out to these organizations," he said. "It's really an opportunity for us to take the crypto toolset and bridge it to a broader global audience."
For GlobalGiving, the partnership allows its community to gain exposure to blockchain technology and reach new donors.
"It will allow organizations to receive resources from new donors that they haven't met before in a way that they can feel comfortable with because it's so immediately turned into cash," explained Victoria Vrana, CEO of GlobalGiving. "It's tiptoeing into crypto without actually jumping in."
Raising money for social causes using cryptocurrencies and NFTs has become more common in recent years. Other popular crypto donation platforms include The Giving Block, which uses U.S.-based centralized exchange Gemini to provide crypto funds to non-profits, and Givepact, which is considering new ways to allow donors to see and display their philanthropic history on-chain.
Heeger said that Endaoment and GlobalGiving's partnership represents a "meeting of the minds" between a traditional fundraising platform and a Web3 non-profit built on trust.
"The nonprofit sector runs on trust, and it's about nonprofits trusting donors and donors trusting nonprofits," said Vrana.
"We're taking the industry-leading trust that people have come to rely on from GlobalGiving and marrying it with a first-of-its-kind trustless philanthropic platform that still gives you the technological benefits of trustlessness without putting into question the efficacy of your philanthropy," Heeger added.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.