Quincy Institution, an Illinois-based private Franciscan university, has announced that it has begun taking cryptocurrency contributions, including the meme-inspired Dogecoin ($DOGE) and its competitor Shiba Inu ($SHIB).
The university emphasised in a release that as a 501(c)(3) charitable organisation, it would receive the full amount of contributions and that bitcoin payments are tax-deductible. Tax-deductible contributions, on the other hand, cannot be made anonymously since contributors “must disclose their name, address, and email in order for the gift to be tax-deductible.”
The institution now accepts 32 different cryptoassets, including popular tokens such as Bitcoin, Ethereum, and Litecoin, as well as meme-inspired cryptocurrency. Matt Bergman, the institution’s senior director of promotion, was reported as saying:
People are increasingly investing in digital money, and this trend does not seem to be slowing down anytime soon. QU is always searching for ways to simplify the process of donating to our students and programmes.
The university noted in its announcement that 46 million Americans, or roughly 22% of the adult population in the United States, own cryptocurrency and that the first known cryptocurrency gift to higher education occurred in 2014, when alumnus of the University of Puget Sound donated $10,000 in cryptocurrency to the school.
Notably, bitcoin contributions to Fidelity Charity, the nation’s biggest grantmaker, increased by almost 1,000% last year. Through donor-advised funds, the organisation received $331 million in cryptoassets, up from $28 million in 2020.
The early DOGE community was well-known for doing charitable endeavours. It made waves in 2014 when it raised more than $25,000 in DOGE to fund the Jamaican bobsleigh team’s trip to the Sochi Winter Olympics.
Also Read: A Major Law Firm In The United Kingdom Now Accepts Payments In $BTC, $ETH, $DOGE, And $ADA
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