Updated: Apr 13
WFU Alums Alex & Pat equip the university with the tools to accept cryptocurrency
Wake Forest Alumni (Class of 2016) Alex Wilson and Pat Duffy co-founded The Giving Block.
While at Wake Forest, Alex and Pat were first exposed to Bitcoin, despite it still being the early days for the cryptocurrency industry. While taking courses about economics and finance, they learned about the history of money and other ideas that eventually lead them to cryptocurrency and it’s potential to create a better, brighter, more flexible financial system.
After both graduating from Wake Forest, the two friends moved to Washington DC for their first jobs. Both kept a close eye on the cryptocurrency market, but as recent graduates neither had much money to invest in a relatively volatile and risky asset class. It wasn’t until a few years later that they both began investing in and trading cryptocurrency.
Connecting the dots between crypto & charitable nonprofit organizations
In early 2018, the pair noticed most nonprofits weren’t set up to accept cryptocurrency donations. As the cryptocurrency industry grew, so did the need for investors to offset their capital gains tax by donating the asset directly to nonprofits. Since the IRS classifies cryptocurrency as property, that means no capital gains tax for the donor and a fair market value deduction, making it one of the most tax efficient ways to donate.
As time went on, Alex and Pat started to talk more and more about cryptocurrency. At the time, Alex was a management consultant working with Fortune 500 companies on emerging technologies like cryptocurrency, while Pat was working at the 501(c)3 nonprofit, the Lupus Foundation of America where he first heard of the Pineapple Fund.
The dawning of a new chapter
Eventually, they decided to combine their crypto and nonprofit knowledge to create the first easy way for nonprofits around the world to accept crypto donations. Together, they started The Giving Block in mid-2018. The Giving Block now works with over 70 nonprofits (and have raised millions in cryptocurrency so far); however, Wake Forest is the first university client.
Today, Alex and Pat are excited to have both donated bitcoin to the WFU Student Aid Fund to become the first crypto donors to the institution.
As of today, September 8, 2020, Wake Forest University is setup to accept the following cryptocurrencies:
Bitcoin Cash (BCH)
Gemini Dollar (GUSD)
Basic Attention Token (BAT)
This makes Wake Forest the first university in North Carolina to accept cryptocurrency donations, as well as the first university to accept cryptocurrency donations on their annual day of giving.
Why Donate Crypto to Wake Forest University Today?
Each gift of cryptocurrency helps the University provide a world-class educational experience and wide range of opportunity for deserving students and faculty.
September 8th is Deacs Day of Giving, which is a 24 hour fundraising event in support of Wake Forest. If 2,2020 donors contribute, Michael A. DeMayo, Class of 1987 will unlock an additional $150,000 gift. You can support Wake Forest for their day of giving here. Select a fund and you’ll see the cryptocurrency donation widget.
Alternatively, you can donate directly through the widget on the right; however, these donations will go to the general fund.
Read: Our definitive guide on why you should donate bitcoin.
Are you looking to make donations to nonprofit organizations? Check out our full list of nonprofit charitable organizations and donate bitcoin to a worthy cause while enjoying tax benefits.
About The Giving Block
The Giving Block empowers higher education institutions with the knowledge and technology to expand their fundraising efforts by harnessing the power of cryptocurrency.
We offer education, training, consultancy, and we have with technical solutions to help you thrive in a tech-centric digital age.
If you're a nonprofit or a higher looking to accept bitcoin donations, we can set you up with our cutting-edge donation widget.
Want to Accept Cryptocurrency at your University, School or Institution of Higher Education?
Are you or your advancement team ready to learn more? Give our “Crypto 101: The Higher Education Guide to Cryptocurrency Donations” a read.
Once you are done, get in touch with us by using the book a demo form, and we’ll be more than happy to connect over Zoom with your advancement team to answer any questions you might have about cryptocurrency donations and higher education.
Looking for a little further reading? Explore our services to find out more about what we do at The Giving Block HQ.