This American firm will custody Bitcoin donations for NGOs battling COVID 🚨 This article is 4 years old...
This American firm will custody Bitcoin donations for NGOs battling COVID
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Updated: Aug. 10, 2020 at 12:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A Bitcoin nonprofit partnered with American custodian and security firm BitGo the past week to bring custody services to crypto donations, according to a release shared with CryptoSlate.
Hot wallets for Bitcoin donations
BitGive, a cryptocurrency-based philanthropy firm and non-profit, integrated its platform via API with BitGo, a Californian firm providing hot wallet services and insurance against theft.
BitGo’s wallet technology will integrate directly with BitGive’s donation tracking platform, GiveTrack, as it launches two new NGO partner campaigns, Save The Children México and Wild Tomorrow Fund, the release said.
.@BitGiveOrg joins @SaveChildrenMx's Humanitarian Response strategy, to serve and protect children and families vulnerable to the COVID-19 pandemic.
❤️Help provide at-risk families in Mexico with hygiene & food kits to combat COVID-19: https://t.co/V49uL7hreG pic.twitter.com/l2w6Nqgve4
— BitGive® (@BitGiveOrg) August 7, 2020
The two campaigns will be supported by a hosted wallet solution that includes multi-signature security, multi-user policy controls, and advanced security configurations that conform to the most rigorous industry standards.
It comes as BitGive’s nonprofit partners are exploring blockchain and cryptocurrencies for the first time, providing a seamless and easy-to-follow onboarding experience is imperative, the release said.
NGO partners can now create individual Bitcoin, and crypto, wallets for each charitable campaign launched, equipping them with total control and visibility of donations in real-time, directly from BitGive’s GiveTrack platform, the release added.
Connie Gallippi, founder and executive director of BitGive, said of the integration:
“Making donations in cryptocurrency is still a very nascent concept. Therefore, it can be challenging, especially for institutions and philanthropies, to overcome regulatory hurdles and find the proper resources.”
She added that NGOs work with “trusted partners that offer flexible and user-friendly solutions”
COVID-affected regions to benefit
Two beneficiaries of the partnership are Save the Children Mexico and Wild Tomorrow Fund. The former launched its COVID-19 relief campaign on GiveTrack last week.
Save The Children Mexico will supply nutritional meals and hygiene kits in areas of need. Meanwhile, Wild Tomorrow Fund simultaneously launches its emergency hunger relief campaign with BitGive to combat poverty in rural communities of South Africa, the release said.
Using @BitGiveOrg’s online #GiveTrack platform, you can donate directly to vulnerable communities in rural KwaZulu-Natal South Africa, where @wildtomorrow’s wildlife reserves are located.
ℹ️Donate now in response to emergency COVID-19 #hungerrelief: https://t.co/CbV5Ibnt1J pic.twitter.com/S68VTPqTE0
— BitGive® (@BitGiveOrg) August 7, 2020
All partners are provided with an instructional page on setting up their own BitGo account and wallet, including information on password management and overall upkeep. Additional support from the BitGive team is offered to comprehensively assimilate beginners and minimize crypto adoption barriers.
GiveTrack also allows donors to have full transparency of their donations and choose their choice of contribution from a basket of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and other major ERC-20 tokens.
A chance for crypto
One of the most massive, and perhaps understated, benefits of using Bitcoin and other cryptocurrencies is the stateless transactional value. But custody remains troublesome. Cryptocurrencies remain at the mercy of protecting one’s keys to prevent loss of funds, but not every person/entity is equipped enough in this regard.
While creates a moot point, trusted custodians help in the regard, protecting cryptocurrencies to allow firms to spend resources on their business instead of key protection.
Times like a global pandemic — the ongoing coronavirus — serve a chance for the industry to shine and present a battle-test for the borderless narrative.
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Litecoin
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Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
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Dash is a digital currency that enables anyone, anywhere in the world to make quick, easy and cheap payments at any time without going through a central authority.
BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies.