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Accepting non-cash assets can seem daunting, but it doesn't have to be. Below are some frequently asked questions that will help. If you have more, our world-class support is eager to assist.
Cryptocurrency, also known as Virtual Currency or “Crypto,” is a digital asset designed to function as a replacement for fiat (US Dollars, for example) whereby transactions between two parties are verified through a public, distributed ledger, also known as a blockchain. Most people think of Bitcoin when they hear the word “Crypto.” While Bitcoin was the first cryptocurrency introduced, there are thousands of unique cryptocurrencies in circulation, each with its own specific properties and values. Learn more
Once your nonprofit is on the Engiven platform, you are able receive over 95 different cryptocurrency tokens. For a complete list, click here.
Engiven Custody enables Premium users to create designated giving funds where donated crypto is held, not exchanged. When a donor chooses this fund from the giving page, the donated cryptocurrency is deposited into a custody account and held. When the nonprofit wishes to exchange the held crypto for USD, they have this functionality by using their Engiven dashboard (custody to exchange fees apply).
All donations that are deposited into a custody account will be charged a 1.5% fee at the time of deposit. When these funds are exchanged for USD, there will be an additional 1.5% fee for the exchange.
Use the quick and simple sign up form at Engiven.com. Once signed up, verify your organization, create a fund such as “general giving,” create a giving widget/button, and embed the giving widget/button on your website. Once the giving widget/button is active, your nonprofit can begin receiving cryptocurrency donations. Once donations are received, they are automatically converted to fiat currency (USD). For nonprofits who import existing wallets, they can use our advanced liquidation features.
The Engiven platform automatically exchanges your cryptocurrency donations for USD at the time of donation. Alternatively, you may import an existing wallet via our “advanced features,” and liquidate cryptocurrency donations manually.
Engiven Standard provides everything your nonprofit needs to accept and exchange cryptocurrency donations without any set up fee or monthly fee. Engiven Standard includes:
Engiven Premium provides everything your nonprofit needs to accept and exchange cryptocurrency donations with increased functionality for nonprofits that benefit from more advanced features and functionality. Engiven Premium includes:
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