The Archdiocese of Washington has made a bitcoin investment.
The introduction of cryptocurrencies as a gift-giving tool is another step toward his goal of giving parishioners as many ways to donate as possible, according to Archdiocese development director Joseph Gilmer.
Catholics can now donate to the Archdiocese and its parishes and ministries using Bitcoin, Ethereum, and a variety of other types of digital money known as “crypto.”
In his words to Crux Gillmer: “It wasn’t a demand per se. “I want to make sure they know they can use it and how to use it and give them all the instructions they need to do it,” the spokesperson said, “and that’s something that might resonate with some people.” who hold these assets.”
Engiven works with a number of other Catholic institutions, such as the Catholic Community Foundation of Southwest Florida in the Diocese of Venice and the Catholic Charities of Eastern Washington in the Diocese of Spokane. In general, however, only a few dioceses deal with cryptocurrencies.
The Archdiocese partnered with Engiven, a company that provides cryptocurrency donation services for charities and religious organizations, to facilitate cryptocurrency donations.
When James Lawrence, the company’s co-founder, tried to donate about $100 worth of Bitcoin to a Protestant church or ministry in 2017 but couldn’t because they wouldn’t accept it, he got the idea for the deal . Many of them, he claimed, had never heard of cryptocurrencies.
This fact inspired him and his business partner, Engiven co-founder Matt Hayes, to found Engiven to educate and demonstrate to religious organizations how they can benefit from cryptocurrencies. In other words, “basic economics makes so much sense,” as Lawrence put it.
The majority of organizations won’t receive many cryptocurrency donations, but if they do, Lawrence said the average amount will be between $15,000 and $35,000 and implementation work will be light. It is a method of meeting parishioners where they stand in relation to what they wish to donate according to the second point.
You just can’t tell if you have someone who bought cryptocurrency recently or years ago, he said. “We can’t always know why or who, but we can be aware of the possibilities and just make sure we’re giving them a safe, really safe and stylish way to make that donation,” though Lawrence noted that she did Gifts come in all different amounts, he claimed that the typical gift on the Engiven platform ranges from $15,000 to $35,000. According to him, they have seen many six-figure ministries and handled a $10 million bitcoin donation to one ministry last year.
Stephen Barrows has written and lectured about Bitcoin. He is Chief Operating Officer of the Acton Institute, a Michigan-headquartered think group that supports free-market ideals. He told Crux that, similar to the equity strategy, when making cryptocurrency donations, Catholic dioceses and organizations may need to be careful to ensure that a cryptocurrency is not involved in anything contrary to church teaching.
Otherwise, “it’s definitely an approach to lowering the barriers to contribution,” Barrows added.
As part of the Parish Support Initiative, a program the archdiocese launched in the first summer of the COVID-19 epidemic to give parishioners another way to pay to their churches remotely, the Bitcoin donation platform is in the archdiocese working in Washington. The user on the page can select the purpose to which he wants to send cryptocurrency and if he wants to donate to a specific church, he can indicate it in the note line. The user then adds their name, email address, phone number and other information typically found on an online form after selecting one of the 90+ accepted cryptocurrencies.
Although Gillmer noted that the Archdiocese liquidates the donation immediately upon receipt to prevent any possibility of an impact on the market, cryptocurrency is considered a highly volatile market. The archdiocese follows the same procedure when individuals donate other types of property, such as shares. He added that one of the reasons he chose to work with Engiven was the security measures and the fact that the company has cyber liability insurance. The Archbishop pays $1,500 annually for the relationship with Engiven, which he says is well worth it. He added that another compelling feature of Engiven is the ability for the archdiocese to create cryptocurrency donation sites so other congregations can operate independently without paying additional fees.
Summary of the news:
- The Archdiocese of Washington has a cryptocurrency donation option
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