The Central Pacific Bank Foundation, the charitable giving arm of Central Pacific Bank, announced it has begun accepting donations of 39 types of cryptocurrencies.
“Several of the programs that CPB Foundation launched since the Covid-19 pandemic were extended or expanded because our customers and other community members came forward to provide donations to our Foundation,” said Paul Yonamine, CPB executive chairman, in a statement. “We’re proud that the CPB Foundation is known for driving impactful change in our communities and trusted to shepherd the charitable contributions of others.”
CPB selected Engiven, Inc., a provider of cryptocurrency donation software, to manage its new form of giving called "crypto-philanthropy." Engiven selects the type of cryptocurrencies that can be used, including Bitcoin, Ethereum and Binance Coin.
Its first cryptocurrency donation came from Wallace Tsuha, founder and president of the Tsuha Foundation, which strives to help people break a cycle of poverty. CPB declined to disclose to Pacific Business News the value or type of the cryptocurrency.
“I applaud the Central Pacific Bank Foundation for their continued support of Hawaii communities,” Tsuha said in a statement. “My donation reflects our collective commitment — all of us working together to help solve Hawaii’s most pressing challenges through innovation.”
As with stock donations, cryptocurrency donors to a nonprofit pay no capital gains tax and can write off the full amount of the cryptocurrency donation.
The Hawaii Theatre Center is among the other groups who've begun accepting cryptocurrency donations.
