U.S. payment solutions provider Shift4 announced it will buy The Giving Block in cash and stock for $54 million, plus a potential profit of $246 million, according to an investor presentation released Tuesday. Giving Block is an online platform that allows over 1300 non-profits and charities to accept cryptocurrencies.
According to the annual report, the organization processed $69.64 million in cryptocurrency donations, up 1558% from 2020. Of this amount, approximately $12.3 million came from donations to the Non-Foldable Token Project, or NFT. Ether (ETH) became the most popular cryptocurrency donated for the first time, accounting for almost half of the total. Last month, The Giving Block Cointelegraph provided a list of six recipient charities and how the charity has positively impacted those organizations.
Regarding the acquisition, The Giving Block team wrote:
“Shift4’s position as a leading payment company with over $200 billion in annual payments, combined with our shared commitment to leveraging crypto and being a pioneer in perfect payment innovation, has given us the opportunity to impact the world we’ve begun to dream of. . ”
Meanwhile, Shift4 boss Jared Isakman commented:
Shift4 will continue to invest in The Giving Block’s successful strategy while leveraging over $45 billion in built-in cross-selling capability through the merger of traditional card-accepting cards. This is just a small part of the markets to look at, apart from the $470 billion profitability that Shift4 will be able to generate solely from this acquisition. ”
Giving Block also launched the Ukraine Emergency Response Fund last week in response to the ongoing Russian invasion. Proceeds that can be donated through Bitcoin (BTC), ETH and other altcoins will go to at least 10 humanitarian aid organizations and international non-profit organizations.