US-based payment solutions provider Shift 4 announced the acquisition of The Giving Block for $54 million in cash and stock, along with potential earnings of up to $246 million, according to an investor presentation published Tuesday. Giving Block is an online platform that allows over 1,300 non-profit organizations and charities to accept crypto donations.
As reported in its annual report, the organization processed $69.64 million in crypto donations, an increase of 1,558% from 2020. Of this amount, approximately $12.3 million came from donations by non-fungible token, or NFT, projects. Ether (ETH) became the most popular crypto donated for the first time, accounting for almost half of the total volume. Last month, The Giving Block provided Cointelegraph a sample list of six charities on the receiving end of crypto donations and how the philanthropy has positively impacted such organizations.
Regarding the acquisition, the team at The Giving Block wrote:
“Shift4’s position as a leading payments company with over $200B in annual payment volume, as well as our shared commitment to taking crypto mainstream and leading the nonprofit sector on payments innovation, has enabled us to make an impact on the world we live in.” given the opportunity we had dreamed of.”
Meanwhile, Shift 4 CEO Jared Isaacman commented:
“Shift4 will further invest in Giving Block’s successful strategy by chasing a $45+ billion embedded cross-sell opportunity by bundling crypto donation capabilities with traditional card acceptance. It will be a small segment of the $470+ billion non-profit addressable marketplace.” Represents the portion from what Shift4 will typically be able to pursue as a result of this acquisition.
The Giving Bloc also launched its Ukraine Emergency Response Fund last week in response to the ongoing Russian offensive. The proceeds, which can be donated via bitcoin (BTC), ETH and other altcoins, will go to at least 10 humanitarian relief organizations and international nonprofits.
Our Ukraine Emergency Response Fund is now live
Within this fund, non-profit organizations are saving lives and providing vital support at the grassroots level to those affected by it. #Ukraine crisis.
donate #cryptocurrency Funds now: https://t.co/4ZXGMGcrlH
— The Giving Block (@TheGivingBlock) February 26, 2022
