#38 Building a cryptocurrency giving platform founders Pat Duffy & Alex Wilson The Giving Block
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Pat Duffy and Alex Wilson joined Purposely Podcast to share their founder story The Giving Block has created a turnkey solution for cryptocurrency donations used by charities around the world. ‘Involved in a nonprofit and want to understand how it could boost your income... or just want to understand cryptocurrency more, this is the perfect episode for you to ’ Mark Longbottom Co founders Pat and Alex first met at University with their friendship developing thanks to their mutual interest in cryptocurrency. Alex was an early adopter while Pat was working in a commercial role for the Lupus Foundation and saw cryptocurrency as a potential earner for his charity. Pat and Alex eventually launched The Giving Block in 2018 after seeing hundreds of millions of dollars in Bitcoin being donated to the few nonprofits that were equipped to accept those donations. With the cryptocurrency bull market of 2017-2018, millions of people around the world made a fortune investing in and trading cryptocurrencies like Bitcoin and Ether. Because the American tax authority treats cyptocurrency as property, these investors had a huge tax incentive to donate Bitcoin and other cryptocurrencies directly to nonprofits. In short, if donated directly to a nonprofit, they would not be liable for capital gains tax and could write it off on their taxes (similar to a stock donation). The problem? Very few nonprofits knew how to accept cryptocurrency donations or were even thinking about this new pool of donors. So Pat and Alex set out to create the only nonprofit specific solution for accepting cryptocurrency donations, Now, donors have over 200 nonprofits to choose from and it's easier than ever to begin accepting cryptocurrency donations. Alex Wilson has a background in management consulting where he worked with Fortune 500 companies to develop strategies around emerging technologies like AI, IoT, blockchain and cryptocurrency. As he went down the cryptocurrency rabbit hole, he began investing in and advising early stage cryptocurrency startups. Pat Duffy began as a federal consultant for pharmaceutical companies, focused on collaboration with nonprofits. He then shifted to the nonprofit sector, focusing on executive leadership and fundraising. Merging his nonprofit experience and passion for Bitcoin trading. https://www.thegivingblock.com/