- On March 1st, an American payment processing company based in Pennsylvania, Shift4 announced that it has bought The Giving Block, the crypto donation marketplace.
- The Giving Block is a leading crypto donation solution that has created a platform for NGOs and charities to raise donations in cryptocurrencies. The Giving Block team shared their excitement about the collaboration and are confident it will help them achieve their mission.
- Shift4 recently also disclosed its partnership with Finaro, the e-commerce services provider. The shares of Shift4 (FOUR) were down by more than 4% during the premarket trading on the New York Stock Exchange.
Shift4, an American payment processing company, announced on March 1st that it has acquired the crypto donation marketplace The Giving Block. Based in Allentown, Pennsylvania, Shift4 is publicly listed on the New York Stock Exchange.
The Giving Block is the leading crypto donation solution that provides a space for charities and non-profit organizations to fundraise Bitcoin and other cryptocurrencies.
Along with providing a best-in-class donation platform for nonprofits to accept cryptocurrency, The Giving Block has also built a community that raises awareness about the various use-cases and unexplored potential inhabited by crypto. In addition, the marketplace also runs viral campaigns for nonprofits to connect with new donors.
Commenting on the acquisition, The Giving Block stated:
With more than $200 billion in annual payments, Shift4 has established itself as the leading payment company. The mutual commitment of both the firms, to make crypto even more mainstream and leading on nonprofit sector payments innovation, has provided the marketplace with the opportunity to bring a wider impact on the world just the way they aimed to.
Shift4 disclosed in an investor presentation, the deal is closed at $54 million and has a potential of up to $246 million including 75% stock and 25% cash.
The Giving Block Revenue Expected To Be Double This Year
Last year, The Giving Block made $5 million in revenue, and in 2022, it is expected to reach at least double. Before interest, taxes, depreciation, and amortization (Ebitda) to Shift4 in 2023, the deal will add at least $5 million in adjusted earnings.
As of right now, The Giving Block is an ecosystem for more than 1,300 nonprofit organizations, enabling them to make donations in crypto.
Shift4 Also Acquired E-commerce Services Provider Finaro
In another announcement, Shift4 revealed that it has also acquired Finaro, the e-commerce services provider. During premarket trading on the New York Stock Exchange, the shares of Shift4 (FOUR) were down by more than 4%.
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The Giving Block Launched Ukraine Emergency Response Fund
Last week, in response to the ongoing invasion of Russia on Ukraine, The Giving Block announced the launch of its Ukraine Emergency Response Fund. The proceeds of which can be donated through Bitcoin(BTC) and altcoins including ETH. Proceeds will be distributed among various international nonprofit organizations and humanitarian relief organizations.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/03/06/shift4-acquired-leading-crypto-donation-marketplace-the-giving-block/