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Shift4, a payment services company, has purchased The Giving Block for $54 million

Shift4 has over 200,000 merchant customers and over 425 software connections.

Shift4, a payment solutions provider based in the United States, announced the purchase of The Giving Block for $54 million in cash and stock, plus a potential earnout of up to $246 million, according to an investor presentation released Tuesday. The Giving Block is an online platform that accepts cryptocurrency donations from over 1,300 charity organisations and charities.

According to the organization’s annual report, crypto donations totaled $69.64 million in 2018, up 1,558 percent from 2020. Nonfungible token, or NFT, projects donated around $12.3 million of this total. For the first time, Ether (ETH) was the most popular cryptocurrency donated, accounting for nearly half of the total volume. The Giving Block presented a sample list of six charities that have benefited from bitcoin donations and how philanthropy has helped them last month.

The Giving Block’s team had this to say about the acquisition:

“Shift4’s position as a prominent payments firm with over $200 billion in yearly payments volume, combined with our shared mission to mainstreaming crypto and leading on nonprofit sector payments innovation, has allowed us to have the influence on the world we imagined.”

Meanwhile, Shift4 CEO Jared Isaacman had this to say:

“Shift4 will continue to invest in The Giving Block’s successful strategy while also chasing a $45 billion integrated cross-sell opportunity by integrating crypto contribution capabilities with standard card acceptance,” says the company. This is only a fraction of the $470 billion in nonprofit addressable markets that Shift4 will be able to approach as a result of the purchase.”

In reaction to the escalating Russian assault, The Giving Block started its Ukraine Emergency Response Fund last week. At least ten humanitarian aid groups and worldwide nonprofits will benefit from the proceeds, which can be donated in Bitcoin (BTC), Ethereum (ETH), and other altcoins.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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