Donors throughout the U.S. will be able to send bitcoin and ethereum donations to The Salvation Army using the Engiven‘s cryptocurrency donation platform, the release stated.
Douglas Riley, territorial commander of The Salvation Army’s Western Territory, called bitcoin and other digital coins the “next generation of fundraising tools,” in the release, also noting that “the value and mainstream use of Bitcoin had created a wonderful donation opportunity to meet the high level of need.”
The Salvation Army is planning to help 155 percent more people this holiday season, according to the release, making donations all the more needed this year.
“I believe the crypto community cares and could make a big difference in The Salvation Army’s efforts to help those struggling in communities across our country,” said Lt. Col. Kyle Smith, The Salvation Army’s western secretary of Communication, in the release.
Meanwhile, Coinbase CEO Brian Armstrong wrote in a blog post Wednesday (Dec. 16) that potential crypto investors must understand the risks the asset entails, just one day before Coinbase filed to go public with the Securities and Exchange Commission (SEC).
Armstrong highlighted that high price swings also represent high price volatility and could quickly bounce back the other way.
“Crypto can be a volatile asset class — often more so than the types of traditional financial instruments that most investors are used to,” Armstrong wrote.
He also encouraged investors to think beyond short-term speculation and consult financial advisors, noting that “there’s a lot more to come.”
The round was led by Declaration Partners and included investments from PayPal Ventures, Mithril Capital and RIT Capital Partners, among others. This brings their total funding to $240 million, the release stated.
Paxos said in the release that it will use the funding to expand its operations and platform capacity to meet growing customer demand, double the size of its team, and continue to develop infrastructure solutions.
“Paxos has developed products and services that enable trusted access to digital assets, as well as dramatic efficiency and risk reduction to our traditional financial industry infrastructure,” said Brian Stern, a partner at Declaration Partners, in the release.