The CEO and co-founder of a charity protecting young women has become the latest crypto convert following the community’s generosity.
‘She’s The First’ received more than $42,000 following its addition to the digital asset charity donation platform, The Giving Block.
The donations comprise the charity’s second-largest contribution so far this year. The CEO says that the coronavirus pandemic has simultaneously heightened the need for charity while reducing many people’s ability to donate.
Crypto Industry Industry Wows CEO
By her own admission, Tammy Tibbetts, the CEO and co-founder of She’s The First, was skeptical of cryptocurrency before 2020. In a self-penned Medium post, she describes her job as a relentless pursuit of dollars.
She explained that cryptocurrency felt “abstract” and likened it to “trying to find Monopoly money in the dark.” Her charity works to give vulnerable girls around the world a better shot in life.
It reportedly works with around 13,000 girls from 11 different countries. In Tibbett’s words, the programs funded by She’s The First allow young women “to be educated, respected, and heard.”
The CEO’s crypto-skepticism changed when Henah Parikh, the Development and Communications Manager of She’s The First, finally convinced her to open up to accepting crypto donations. The charity started to work with The Giving Block, which invited it to become a beneficiary of its spring 2020 campaigns.
The addition to The Giving Block quickly generated $42,335 in donations. She states that the coronavirus also has a particular impact on young girls. The prolonged shutting down of schools will have a lasting effect on the future earning potential of many, and that quarantine puts the most vulnerable at increased risk.
Given the unique pressures of 2020, international charities are reportedly having a harder time attracting donations. The CEO believes that the pandemic causes people to allocate funds to local charities rather than global concerns. Therefore, the crypto donations came at the perfect time.
Charity CEO Encourages Others to Accept Crypto Donations
Based on her charity’s experience accepting digital cash, Tibbetts encourages other non-profits to consider the same. Judging by rising numbers of beneficiaries on The Giving Block, they are already doing so.
According to co-founder Alex Wilson, The Giving Block has seen a large increase in the number of charities it works with this year. At the end of 2019, there were just 20 beneficiaries.
There are now more than 100. Wilson attributes this growth to the pandemic forcing non-profits to open up to less traditional revenue streams.
He added that those who already hold cryptocurrency could donate to charities more efficiently using platforms like The Giving Block. Thanks to the IRS’s treatment of digital currencies as property, giving them to a non-profit means it’s exempt from capital gains tax.
Holders can effectively donate an extra 20% or more than if they were to convert their cryptocurrencies to dollars first.