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$5 Million Stolen In Bitcoin Exchange Hack...

Hackers have stolen what amounts to $5.2 million after an attack on Bitstamp, the largest exchange for bitcoins in Europe. Bitstamp accounts were first compromised on January 4 with 19,000 bitcoins were stolen from customer’s accounts. The company shut down its services the next day as it made attempts to track down the hackers. In […]

United Way To Accept Bitcoin Digital Donations...

United Way Worldwide (UWW) is joining the digital currency world, announcing that it would begin accepting bitcoin donations. It is the latest 501(c)(3) to adopt the digital currency. The Alexandria, Va.-based organization will use incoming bitcoin donations — which will be processed into cash through the bitcoin processor Coinbase — for its Innovation fund, which aims […]

Foundation Based On Bitcoin Wins Nonprofit Status...

A foundation in Sacramento, Calif., is claiming that it is the first bitcoin-based charity to be granted 501(c)(3) status by the Internal Revenue Service (IRS). The BitGive Foundation has been operating as a volunteer organization since it was founded a year ago, supporting various public health and environmental causes and exclusively using bitcoins, a digital […]

FinTech4Good Market Developing...

It’s not just about digital currency anymore January 3, 2019 marked the 10-year anniversary of the original blockchain. Created using technology described by the still anonymous Satoshi Nakamoto in a whitepaper published in 2008, the first blockchain, called Bitcoin, is still the best-known digital currency. Since Bitcoin’s launch, an estimated 3,000 new crypto currencies have […]

Fidelity Charitable Distributions Surpass $5.2 Billion...

A record $5.2 billion was granted via donor-advised accounts at Fidelity Charitable last year, up 17 percent from 2017. The 2019 Giving Report, released today by Boston, Mass.-based Fidelity Charitable Gift Fund, indicates that almost 1.3 million grants were awarded to more than 140,000 charitable organizations. The 20-page report did not indicate how many contributions […]

Blockchain Gaining Ground...

Most organizations don’t understand it. Most people can’t explain it. Then there are those who are convinced it’s going to change everything. As one observer put it: Blockchain is over-hyped in the short term but the long-term possibilities are underestimated. Blockchain is the underlying technology behind digital currency. For most nonprofits, their first initiation into […]

Live From AICPA: NPO Auditing, Accounting Of Cryptocurrency...

National Harbor, Md. — Your thoughts on blockchain technology might vary based on the front page of your daily paper. Some of the most recent applications of blockchain include a mobile-payment initiative by the Bill & Melinda Gates Foundation for areas in the world with limited access to traditional financial intermediaries; elections for overseas military […]

Confusion: Donations That Are Currency But Not Dollars...

What’s this blockchain and bitcoin stuff you keep hearing about? Bitcoin is not the same as blockchain but it is an application that uses blockchain technology in much the same way that email is an application that’s used on the Internet. Sheila Warren, head of blockchain and distributed ledger technology for the World Economic Forum […]

Cryptocurrency Converts To $29 Million For DonorsChoose.org...

As founder and CEO of DonorsChoose.org, Charles Best rarely finds himself pitching donors. But in January he shot off an email to executives at Ripple, a fast-growing cryptocurrency. “I figured it was a once in a really long time ask so I should shoot for the moon, and the cosmos smiled on us,” Best said. […]

Fidelity DAFs Pumped $4.5 Billion Into Nonprofits...

Contributions to Fidelity Charitable, the nation’s largest commercial donor-advised fund (DAF), jumped almost 30 percent last year, including a tenfold increase in cryptocurrency like Bitcoin, and noncash donations of almost $1 billion. Fidelity Charitable today released its 2018 Giving Report, detailing $4.5 billion distributed through more than 1 million donor-recommended grants to almost 127,000 nonprofits […]