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Shift4, payment services provider, purchases The Giving Block for $54 million

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Shift4 has around 200,000 retail customers and over 425 software interfaces.

Shift4 revealed the purchase of The Giving Block in cash and stock for $54 million, with a prospective earnout of up to $246 million, according to an investor presentation released on Tuesday. The Giving Block is an online platform that enables over 1,300 nonprofits and charities to receive cryptocurrency donations.

According to its yearly report, the group received $69.64 million in crypto donations with an increase of 1,558% from 2020. Around $12.3 million of this sum comes from donations made by nonfungible tokens, or NFT, ventures. For the first time, Ether (ETH) was the most crypto donated, for almost half of the entire volume. The Giving Block offered a brief list of six charities that have received crypto donations and how generosity has helped such groups last month.

The Giving Block team wrote about the acquisition:

"Shift4's status as a leading payments company with over $200 billion in annual payments volume, plus our shared commitment to taking crypto mainstream and leading on nonprofit sector payments innovation, has given us the opportunity to have the impact on the world we began dreaming up."

However, Shift4 CEO Jared Isaacman remarked:

“Shift4 will invest further in The Giving Block's successful strategy while also pursuing a $45+ billion embedded cross-sell opportunity by bundling crypto donation capabilities with traditional card acceptance. This represents just a small portion of the $470+ billion nonprofit addressable markets that Shift4 will uniquely be able to pursue as a result of this acquisition.”

In reaction to Russia's escalating incursion, the Giving Block also formed the Ukraine Emergency Response Fund last week. Funds will be distributed to at least ten humanitarian aid organizations and international nonprofits using Bitcoin (BTC), Ethereum (ETH), and other altcoins.



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