Receive Cryptocurrency Gifts at Your Organization with Trezor | by SatoshiLabs | Dec, 2020

Philanthropy has been one of the most notable use cases for cryptocurrencies since early in its history. Many early adopters saw crypto donations as a way to spread awareness of Bitcoin and other digital currencies, with millions of dollars (hundreds of millions, if adjusted for current market rates) spent to support healthcare, human rights, and other causes that captured the interests of the community.

Unfortunately, these institutions have barely had the infrastructure in place to take their crypto gifts, and it is still most common for funds to be converted into instant fiat. In these cases, some might benefit from having the means to easily store and manage their bitcoin funds, while others may simply need more control over their invoicing and accounting. Giving these groups the support they need to make cryptocurrency accessible and convenient will pave the way for greater adoption, as well as opening the door to more funding and more time to focus on effective change.

This week, we kick off Universal Human Rights Month with the announcement that Trezor has partnered with Tor Project to help philanthropic organizations such as NGOs and not-for-profit organizations wishing to use crypto for a larger cause, receive and secure cryptocurrency donations custody. , without necessarily the need to exchange money for fiat. This is a huge milestone in the management of institutional crypto funds, targeting the groups that benefit the most and whose work is helping the world become a better and fairer place.

As a security company, SatoshiLabs’ initial efforts will focus on those organizations that show significant overlap with our area of ​​expertise, so we can be most effective in assessing the best approaches for each use case. The Tor Project, with which we have partnered to make this possible, embodies the exact type of organization we intend to help, and will contribute their eighteen years of experience to support this initiative.

As part of this pilot project, Trezor will work with Project Tor and co-operatives to draft, review and publish a methodology that any eligible organization can follow to enable, secure and manage cryptocurrency gift custody. We hope to join at least 20 organizations and provide them with the necessary Trezor hardware and software for free, so that they can work with us to refine this methodology over the next two months.

Organizations participating in this open call, in return for their feedback and co-operation in developing the methodology, will be given the following:

  1. Set of Trezor hardware wallets.
  2. A heartbreaking call with Trezor support experts, covering founding and best practices for managing cryptocurrency gifts.
  3. Access to the project community to foster ideas and share experiences.
  4. Recognition in the published methodology.

For now, there is no limit on the number of organizations that can subscribe so please do your part and share this with any charity or not-for-profit that you think would benefit from participating. Based on the response to this open call, we reserve the right to close applications before releasing the methodology.

While we encourage all businesses to operate a crypto payment portal, we want to help those philanthropic projects with limited budgets make the most of cryptocurrencies, attracting new donors that crypto is the best way to donate. The convenience, accessibility, and privacy afforded by using bitcoin to contribute could encourage a new inflow of funds to help recover from the stress of the global COVID pandemic, and could attract individuals who wish to give back to the community after a profitable year.

Paying with bitcoin is a common thing, but a lot is done through portals that exchange cryptocurrency for an immediate fiat. As institutional investors turn to holding bitcoin and using cryptocurrencies, charitable causes should be helped to do the same. Not all cases fit into one model so we have to assess the environment and provide solutions that can assist all types of organization. This is a unique opportunity to enable not-for-profit organizations to become more financially sustainable by taking advantage of the digital economy, in a way that suits them best.