Bitcoins are a very popular coin to use for donations and other good causes and more and more charities all over the world have started to accept donations in the virtual cryptocurrency. However when Blockchain CEO Nicolas Cary donated 14.5 Bitcoins ($10,000) to his old University, Puget Sound, they were not ready to accept the donation from the start.
Cary decided to help Puget Sound understand what a Bitcoin is and help them towards accepting Bitcoin donations in the future, making Puget Sound accept the donation and also in the future accept other Bitcoin donations. Sherry Mondou, VP for Finance and Administration for Puget Sound University said to FastCompany.com:
"We had not anticipated a gift of digital currency, and our gift acceptance policy was silent on it,"
"Nic's gift gave us the opportunity to learn about Bitcoin and the process for accepting donations in this form.". Cary was ready from the start to answer all questions about Bitcoins and its payment processing company BitPay, which he used for the transaction to the school.
"We performed our due diligence, and he stood ready to help in any way he could," Mondou ended.
Puget Sound University are accepting donations towards their financial aid campaign, raising $125 million that will be used for academic programs, research, facilities and other things and the school has so far raised around $110 million.
Cary graduated from Puget Sound University in 2007 with a bachelor's degree in Business Leadership Programs.