The launch directly follows the company’s decision to file a Regulation A+ application with the U.S. Securities and Exchange Commission (SEC) which, if approved, is expected to lead to an Initial Coin Offering (ICO) for the ENGV token. Engiven said its goal is to donate more than $1 billion in funding to nonprofits via its ENGV token during its first five years of business.
Few nonprofits have been well positioned to benefit from the growth of cryptocurrency over the past couple of years, as technology enabling cryptocurrency-based giving has been very limited.
“Working at the intersection of technology and social innovation, our team paid close attention to the Bitcoin boom. As the industry grew, it became apparent that most nonprofits did not have the clarity or resources to leverage this new asset class, and we saw that as a greatly missed fundraising opportunity,” said Engiven cofounder James Lawrence in a statement. “Engiven is an online platform that educates its nonprofit members while also helping them navigate the process of receiving and tracking cryptocurrency donations, ultimately allowing them to grow and adapt to this new way of giving.”
For $10 a month, or $100 a year, nonprofits can access the Engiven platform, with an online dashboard that mirrors what they are used to seeing on other online giving applications. Engiven hopes to provide free ENGV tokens to all of its nonprofit members (as permitted by law) after the company’s own Initial Coin Offering is launched. Additional tokens may also be allocated on an annual basis (again, as permitted by law) directly correlated to the global use and circulation of the ENGV token.
The simple sign-up process is as follows:
When a nonprofit signs up online with Engiven, they can begin receiving cryptocurrency donations in as little as three minutes. The nonprofit begins by filling out a short online application, agrees to terms of service, and then enters a credit card for their membership fee.
Once their account has been opened, Engiven will guide users through either creating or uploading a cryptocurrency digital wallet that can receive and store donations, securing them with a unique “secret phrase” that only the nonprofit knows and stores.
Engiven provides a giving widget that the nonprofit can easily place on its own website, where donors have the option to give cryptocurrency. All transactions successfully placed through the giving widget will be recorded on the blockchain ledger and monitored by the Engiven platform for authenticity.
The nonprofit can then store the cryptocurrency in the wallet, transfer the funds to another wallet of their choosing, or transfer funds to a third-party established exchange (once created) to convert into a fiat currency.
Engiven is also providing all new members with an ebook penned by the Engiven team, titled “Need final name” to demystify the world of blockchain and cryptocurrency. Additionally, articles, how-to videos, and up-to-date news content related to cryptocurrencies and regulations are included with Engiven membership.
The company was founded by Lawrence and Matt Hayes in 2018.