Heifer International acquires a cryptocurrency platform

Heifer International acquires a cryptocurrency platform

Non-profit organization BitGive has agreed to transfer all of its intellectual property and financial assets, including its blockchain cryptocurrency donation platform GiveTrack, to Heifer International in Little Rock, Ark.

BitGive executives had been in talks with Heifer for nearly a year. The platform recently stopped accepting donations of Bitcoin and other cryptocurrencies and this week announced the transfer of assets which includes GiveTrack technology, brand name and logo.

Harper Grubbs, senior director of digital marketing for Heifer, and BitGive founder and executive director Connie Gallippi said the GiveTrack transfer has taken place. But, BitGive’s remaining financial assets, which include Bitcoin and other digital currencies, will be transferred in a few months, after BitGive completes filing 990 forms over the past two years with the Internal Revenue Service (IRS). ).

Grubbs estimated that the bitcoin still held by BitGive currently stands at around US$100,000. Depending on market forces, the value could go down or up, and any remaining funds will be returned to Heifer after BitGive pays final dissolution fees, payroll and operating expenses, Grubbs said.

Heifer, whose mission since 1944 has been to help farmers and people in Africa, Asia, the United States, Central and South America with food sustainability, is not interested in leftovers. money but instead to the GiveTrack platform because managers want to expand Heifer’s capabilities to accept Bitcoin and other digital currencies, Grubbs said. Heifer currently accepts digital currency through its website through charity wallets and QR code scans, but officials believe that GiveTrack, which relies on blockchain technology, has more options and is more secure and transparent for people. donors.

“We experimented with our donors with new ways to give and how we can be more innovative. Blockchain technology for accepting cryptocurrency is key. Donors expect and deserve more transparency,” Grubbs said.

Blockchains are shared, tamper-proof digital ledgers that make it easy to record transactions and track assets. As assets (in this case, donations) are added, new blocks are formed in the data chain. Corrections or changes are added as new blocks so that the original data cannot be changed.

Heifer executives won’t activate GiveTrack until 2023 as they further evaluate its capabilities, absorb the technology and decide which cryptocurrencies to accept, Grubbs said. BitGive’s Gallippi and other BitGive technical and financial managers will serve as consultants to Heifer during the learning process.

Gallippi said the charitable goal of BitGive — established in 2013 in Sacramento, California, to encourage philanthropic bitcoin donations to sustainability and hunger causes — has been accomplished. Heifer is better resourced and scaled to run GiveTrack, she said.

“This transfer of assets is a way for what we’ve worked so hard to build to become a reality and scale to a level that we probably couldn’t have done on our own. If you look at a small nonprofit start-up like BitGive that was in this nascent industry versus Heifer that’s been around for 78 years and has global operations, an incredible reputation brand, and donor-based resources, it there is no comparison,” Gallippi said.

Heifer first experimented with GiveTrack in 2020 by launching a small $10,000 fundraising campaign to help an Arkansas farming community purchase a tractor. Grubbs said the blockchain technology clearly shows the progress of the donation in real time.

Leave a Reply