Inspired by the benefactor’s advice, the Massachusetts-based NPO opened an account to receive crypto funds.
Last Friday, when staff at a leading not-for-profit medical center Cape Cod Healthcare checked their email, they saw a message asking them to look in their newly established crypto-integrated bank account.
Inside it was a surprise donation of Bitcoins approximately $400,000. It was the second they received from the same benefactor. The first came last January 28. Both transactions arrived less than a month after they had started accepting crypto.
The donation wasn’t entirely out of the blue. Cape Cod Healthcare’s senior vice president and chief development officer Christopher Lawson said that the longtime donor, who gifted them cash every year in the past, originally sent them a feeler email in mid-January asking whether they can accept Bitcoin donations.
Lawson stated: “Before we responded, we had to make sure there were not any issues.” Lawson continued: “It required a good amount of research… My office probably spent a week or two doing our best to learn who else was doing this.”
Ever since prepping its accounts to receive crypto, Cape Cod Healthcare has enforced a policy of immediately converting its Bitcoin to US dollars as soon as the transaction comes through. With this method, it avoids any shortfall should Bitcoin suffer quick pullbacks. After all, in spite of a robust performance in this week’s crypto markets, Bitcoin is still a high-risk asset.
Cape Cod Healthcare’s crypto-primed account produces a personalized QR code for the donor to transfer funds with. Using this QR code, anyone can transfer crypto funds into Cape Cod Healthcare at any time.
Lawson believed that many will soon start setting their accounts to receiving crypto gifts. He stated:
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