On January 19, Susan G. Komen announced it would accept more than 70 kinds of donated cryptocurrency.
At a time when digital currency has become more popular than Venmo among the high net worth and technology savvy, donors can now support Komen by donating in cryptocurrency. By some estimates, the number of users of cryptocurrency is doubling every 1.5 years. In supporting this new method for donations, Komen is providing an important service to those wanting to help people affected by breast cancer.
Komen has partnered with The Giving Block to process cryptocurrency donations and convert the crypto into dollars. Komen also provides donors a tax receipt upon their donation.
As Pat Duffy, CEO of The Giving Block, says, “Today, hundreds of millions of people use cryptocurrency. And with an average gift size of nearly $11,000, nonprofits who prioritize crypto donors are getting ahead.”
Crypto is similar to stock donations and offers donors a tax advantage because cryptocurrency is classified as property. For donors, that means no capital gains tax and a fair market value deduction, which can translate into a 20-30 percent larger donation and deduction. In some cases, that donation and deduction can be even higher. And for Komen, processing fees for cryptocurrency donations are considerably lower than credit card transaction fees.
Komen is currently accepting more than 70 cryptocurrencies, including:
Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Dai (DAI), Dogecoin (DOGE), Basic Attention Token (BAT), Ethereum Name Service (ENS), 0x (ZRX), 1inch (1INCH), Aave (AAVE), Alchemix (ALCX), Amp (AMP), Ankr Network (ANKR), API3 (API3), Audius (AUDIO), Axie Infinity Shards (AXS), Balancer (BAL), Bancor Network Token (BNT), BarnBridge (BOND), Bitcoin Cash (BCH), ChainLink (LINK), Civic (CVC), Compound (COMP), Curve (CRV), Decentraland (MANA), Dogelon Mars (ELON), Enjin Coin (ENJ), Fantom (FTM), Fetch AI (FET), Filecoin (FIL), Gala (GALA), Gemini Dollar (GUSD), Injective Protocol (INJ), Keep3r (KP3R), Kyber Network (KNC), Litecoin (LTC), Livepeer (LPT), Loopring (LRC), Magic Internet Money (MIM), Maker (MKR), Mask Network (MASK), Merit Circle (MC), Mirror Protocol (MIR), Moss Carbon Credit (MCO2), Numeraire (NMR), Orchid (OXT), PAX Gold (PAXG), Polygon (MATIC), Quant (QNT), Radicle (RAD), Ren (REN), Render Token (RNDR), Shiba Inu (SHIB), Skale (SKL), Smooth Love Potion (SLP), Somnium Space (CUBE), Spell Token (SPELL), Storj (STORJ), SushiSwap (SUSHI), Synthetix (SNX), Terra (LUNA), TerraUSD (UST), Tezos (XTZ), The Graph (GRT), The Sandbox (SAND), UMA (UMA), Uniswap (UNI), Wrapped Centrifuge (wCFG), Yearn.Finance (YFI), Zcash (ZEC).
Komen supporters interested in learning more about donating crypto can go to http://www.komen.org/donatecrypto.
