Payment services provider Shift4 acquires The Giving Block for $54 million

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According to an investor presentation revealed 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 just 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, initiatives. Ether (ETH) grew to become the most-popular crypto donated for the primary time, accounting for practically half of the entire quantity. Final month, The Giving Block supplied 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 standing as a number one funds firm with over $200 billion in annual funds quantity, plus our shared dedication to taking crypto mainstream and main on nonprofit sector funds innovation, has given us the chance to have the influence on the world we started dreaming up.”

In the meantime, Jared Isaacman, CEO of Shift4, commented:

“Shift4 will make investments additional in The Giving Block’s profitable technique whereas additionally pursuing a $45+ billion embedded cross-sell alternative by bundling crypto donation capabilities with conventional card acceptance. This represents only a small portion of the $470+ billion nonprofit addressable markets that Shift4 will uniquely have the ability to pursue on account 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 no less than 10 humanitarian aid organizations and worldwide nonprofits.