This American firm will custody Bitcoin donations for NGOs battling COVID

A Bitcoin nonprofit partnered with American custodian and security firm BitGo the past week to bring custody services to crypto donations, according to a release shared with CryptoSlate.

BitGive, a cryptocurrency-based philanthropy firm and non-profit, integrated its platform via API with BitGo, a Californian firm providing hot wallet services and insurance against theft.

BitGo's wallet technology will integrate directly with BitGive's donation tracking platform, GiveTrack, as it launches two new NGO partner campaigns, Save The Children México and Wild Tomorrow Fund, the release said.

NGO partners can now create individual Bitcoin, and crypto, wallets for each charitable campaign launched, equipping them with total control and visibility of donations in real-time, directly from BitGive's GiveTrack platform, the release added.

"Making donations in cryptocurrency is still a very nascent concept. Therefore, it can be challenging, especially for institutions and philanthropies, to overcome regulatory hurdles and find the proper resources."

Wild Tomorrow Fund simultaneously launches its emergency hunger relief campaign with BitGive to combat poverty in rural communities of South Africa, the release said.

All partners are provided with an instructional page on setting up their own BitGo account and wallet, including information on password management and overall upkeep.

GiveTrack also allows donors to have full transparency of their donations and choose their choice of contribution from a basket of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and other major ERC-20 tokens.

One of the most massive, and perhaps understated, benefits of using Bitcoin and other cryptocurrencies is the stateless transactional value.

While creates a moot point, trusted custodians help in the regard, protecting cryptocurrencies to allow firms to spend resources on their business instead of key protection.