Earlier this month, nonprofit donation platform Catapultian announced that users can now send tax deductible charitable contributions with bitcoin.
“Our goal is to build the best online giving experience for donors,” said Josh Kovler, co-founder of Catapultian, in an exclusive quote to CoinReport.
“We want charities to enjoy working with us, and [enjoy] receiving donations through Catapultian, but our number one priority is to make sure donors actually enjoy donating. Making this tool as useful as possible, means providing a host of resources that allow donors to be thoughtful about their charitable giving; both in how and where they give. Part of this is providing donors with the best technology and more flexibility when processing donations. So we therefore support ACH, credit card, and now Bitcoin. We are especially excited to add Bitcoin as an option because it allows individuals to donate very efficiently and with substantially lower fees.”
The processing fee on bitcoin is only 0.5%, and contributions can be as small as $1.00. Catapultian doesn’t hold bitcoin, but instead converts bitcoin into USD on the spot. Users need to enter value they want in USD, and Catapultian will show the exchange rate and the deposit value in bitcoin. Transactions are approved through the user’s bitcoin wallet or through a QR code generated by Catapultian.
“Even with ACH, in which we technically offer lower fees than Bitcoin, there is a 3 – 5 day processing period. With Bitcoin the transaction is instant,” continued Josh.
The Catapultian team is especially proud of their ability to bring bitcoin into the charitable donation space.
“Additionally, while a lot of nonprofits are very savvy, we don’t expect them to lead the way on Bitcoin adoption,” continued Josh. “We are thrilled we can bridge this gap for Bitcoin holders.”
Images courtesy of Catapultian