40.5 C
Dubai
Monday, May 27, 2024
HomeBitcoin NewsEngiven Allows Crypto Donations for U.S. Figure Skating Team

Engiven Allows Crypto Donations for U.S. Figure Skating Team

Date:

Related stories

A platform known as Engiven has announced that it will begin accepting crypto donations for the U.S. figure skating team currently competing in the Winter Olympic games. The company says that the donations will go towards several initiatives including Destination Beijing, which seeks to bring athletes’ friends and families together when they don’t have the means to travel on their own.

Engiven Permits Crypto Donations

Destination Beijing fully accounts for the ongoing COVID-19 pandemic. Those who cannot support their favorite athletes in person can do so from afar through the program in that they can gather in what’s being called the “U.S. Figure Skating’s Family Room” to watch whoever they support compete in the games through the U.S. figure skating’s media partner NBCU.

Destination Beijing also seeks to carve a path for these family members and friends to communicate with the athletes they’re there to support. Executive Director Ramsey Baker explained in an interview:

We continue to look for new and innovative ways to provide funding to the U.S. figure skating athletes, clubs, programs and initiatives. Allowing our supporters to give to U.S. figure skating using cryptocurrency makes sense in today’s quickly changing financial marketplace. The more avenues available for current and new donors to support the organization, the more we will be able to directly support our athletes and the many programs that service our members.

Prior to the pandemic, crypto as a donation tool wasn’t terribly common, though following this long period of social distancing and individuals not wanting to get too close to each other, the space has garnered a huge following, and traders are no longer just looking at digital assets as speculative items. Digital currencies can be donated online; users can avoid physical contact, while charities and organizations can garner the funds that they need to stay active.

James Lawrence – CEO of Engiven – says:

We couldn’t be prouder of U.S. figure skating as they compete against the world’s best. Providing a technology platform for donors to give cryptocurrency so that these athletes can achieve their dreams is truly an honor. We encourage crypto donors everywhere to support programs like Destination Beijing and the other initiatives of U.S. figure skating.

The First Initiative of Its Kind

Engiven verifies all donations through the blockchain. The crypto that’s delivered to the athletes or initiatives associated with the enterprise is instantly converted into fiat to avoid the volatility that often comes with digital currencies. Funds, in this case, are then instantly transferred to the U.S. figure skating organization, which has become the first national governing body in the U.S. to say “yes” to crypto-based gifts.

All digital funds offered to the team are fully tax deductible, so donors can claim them on their returns and grease the wheels a bit with the Internal Revenue Service (IRS). Each year, more than $1 million is donated to members of the team.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

Latest stories