19 C
New York

Payment companies supplier Shift4 acquires The Giving Block for $54 million

Date:

According to an investor presentation printed Tuesday, U.S.-based cost options supplier Shift4 introduced its acquisition of The Giving Block in money and inventory for $54 million, plus a possible earnout of as much as $246 million. The Giving Block is a web based platform that permits over 1,300 nonprofit organizations and charities to simply accept crypto donations. 

As told by its annual report, the group processed $69.64 million in crypto donations, a rise of 1,558% from 2020. Out of this quantity, roughly $12.3 million got here from donations by nonfungible token, or NFT, tasks. Ether (ETH) turned the most-popular crypto donated for the primary time, accounting for practically half of the entire quantity. Last month, The Giving Block offered Cointelegraph with a sample list of six charities on the receiving end of crypto donations and how philanthropy has positively impacted such organizations. 

Regarding the acquisition, the team at The Giving Block wrote

“Shift4’s status as a leading payments company with over $200 billion in annual payments volume, plus our shared commitment to taking crypto mainstream and leading on nonprofit sector payments innovation, has given us the opportunity to have the impact on the world we began dreaming up.”

Meanwhile, Jared Isaacman, CEO of Shift4, commented:

“Shift4 will invest further in The Giving Block’s successful strategy while also pursuing a $45+ billion embedded cross-sell opportunity by bundling crypto donation capabilities with traditional card acceptance. This represents just a small portion of the $470+ billion nonprofit addressable markets that Shift4 will uniquely be able to pursue as a result of this acquisition.”

The Giving Block additionally launched its Ukraine Emergency Response Fund final week in response to the ongoing Russian invasion. Proceeds, which can be donated via Bitcoin (BTC), ETH and different altcoins, will go to a minimum of 10 humanitarian aid organizations and worldwide nonprofits.

Related articles

spot_img

Recent articles

spot_img