Elsewhere online
August 27, 2014

In Apparent First, Bitcoin Fundraising Group Is Now a Charity

A California organization that aims to raise money in digital currency for environmental and public-health causes, has been designated a nonprofit by the Internal Revenue Service, the Sacramento Business Journal writes. Officials with the BitGive Foundation say it is the first bitcoin-based entity to secure charity status.

Launched last year, the Sacramento-based group has raised money for Typhoon Haiyan relief and the Water Project, which works to provide clean and safe water in Africa. It accepts donations in physical currencies but converts them to bitcoins. Executive Director Connie Gallippi said the foundation has been run to date on a volunteer basis but will seek to raise $100,000 annually for operations and to hire paid staff.

Read a Chronicle of Philanthropy article on the emergence of virtual currencies in the nonprofit world.