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UK-based fundraising platform JustGiving is teaming up with The Giving Block, a digital asset company, to start accepting crypto donations.
JustGiving now allows users to donate in more than 60 cryptocurrencies, including Bitcoin, Ethereum, Tether, and Doge, according to a report from UK Fundraising. The move comes as the crypto market is experiencing a surge in value, with Bitcoin recording a new all-time high of over $94,000 yesterday on CoinMarketCap.
According to JustGiving’s website, over the past 24 years, the fundraising platform has raised $7.2 billion (£6 billion) and is trusted by thousands of charities worldwide, including the Alzheimer’s Society, the British Heart Foundation, Macmillan Cancer Support, and Mind.
Pascale Harvie, President and General Manager of JustGiving, said:
“In recent years there has been a surge in the use of cryptocurrencies and our decision to enable cryptocurrency donations is the latest demonstration of our commitment to forward-thinking innovation.”
Tapping into a tech-savvy demographic is also key. According to JustGiving, 94% of crypto users are Millennials and Gen Z.
Alex Wilson, co-founder of The Giving Block, said that “charities need to tap into this new donor demographic,” adding:
“580 million people now use cryptocurrency around the world and the market is worth nearly $3 trillion. Our goal is to make accepting cryptocurrency donations just as easy as taking any other online donations.”
In a 2024 Annual Report from The Giving Block, it noted that more than $2 billion has been donated to charitable causes over the past five years.
The fundraising will give Flipkart the push to compete with its rivals.
Indian e-commerce company Flipkart backed by Walmart Inc (NYSE: WMT)is planning a fundraising of about $2 billion to $3 billion at a valuation of over $40 billion. The Mint reported the plan on the 25th of October, citing two sources with direct knowledge of the matter. Meanwhile, the company secured about 3.6 billion in July 2021. The sources revealed that Flipkart had already used a significant portion of the funds, with between $700 and $800 million left. They also mentioned that Flipkart is currently at over $40 billion valuation and may dilute about7% for raising as much as $3 billion.
Many notable names contributed to the last Flipkart fundraising. They include Walmart, which led the support, Japan’s SoftBank Vision Fund 2, Canada Pension Plan Investment Board, and the Singapore government’s sovereign wealth fund GIC. Others are China’s Tencent Qatar Investment Authority, Malaysia’s Khazanah Nasional Bhd and DisruptAD, Tiger Global, and Franklin Templeton. Since Walmart’s investment in Flipkart, the latter has been able to expand its reach to newer locations in India. Also, its online marketplace now has new product categories, such as furniture.
Speaking on the Flipkart fundraising plan, one of the sources noted that Walmart wants to use the medium to bring more strategic investors into Walmart-Flipkart. Additionally, the person said the company also supports selling to large pure-play investment firms. According to the first unnamed person familiar with the ongoing:
“Walmart is keen to bring in strategic investors in Walmart-Flipkart so that Flipkart can get additional expertise as well as consistent funding support as and when required to stay ahead in the country’s e-commerce competition.”
However, a Flipkart spokesperson disregarded the news. She referred to the matter as speculative and inaccurate. There is also no formal notice from Walmart to investment bankers on seeking strategic partners. In addition, the retail corporation is yet to inform the bankers to look for large global investors to support the fundraising plan for Flipkart.
A source revealed what Flipkart plans after a successful fundraising. The person stated that it would go into expanding the company’s product range in India.
“The funds could be used not only for adding resources, such as fulfillment centers, new businesses and workforce but also for potential acquisitions in the Indian ecommerce space.”
Additionally, the fundraising will give Flipkart the push to compete with its rivals. These aggressive rivals include Amazon India, the Tata group, and Reliance Industries’ Jio Mart.
At the time of writing, Walmart Inc stock is down 0.05% to $140.00 at after-hours trading. The company has lost more than 5% over the past year and 3.19% since January.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.