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Jul 30th, 2014

Wikimedia Foundation Partners with Coinbase to Accept Bitcoin for Donations; Coinbase Now Offering 0% Processing Fees for Non-Profits

We’re excited to announce that the Wikimedia Foundation is now accepting bitcoin donations and has chosen Coinbase as its preferred bitcoin payment processor. The Wikimedia Foundation is a non-profit organization that distributes free educational content and operates some of the largest collaboratively edited reference projects worldwide, including Wikipedia. Using Coinbase, the Wikimedia Foundation is able to instantly exchange bitcoin for U.S. dollars.

The Internet has made it easier for non-profits to operate by enabling them to increase geographic reach and reduce the overhead required to fundraise. Adding bitcoin as a donation option is a natural next step for non-profits because it eliminates one of the most significant costs remaining —payment processing fees. In response, we’re proud to announce zero processing fees for all registered non-profits accepting bitcoin through our merchant tools. This means that any non-profit accepting bitcoin through Coinbase will be able to instantly cash out their bitcoin donations for U.S. dollars and receive a daily bank transfer, free of charge.

Charitable giving is emerging as a major consumer use case for bitcoin. Bitcoin enables donors to give 100% of their funds to causes they care about, and the convenience of bitcoin has inspired donors to donate small amounts when they previously might not have donated at all. U.S. donors may also enjoy significant tax deductions based on their bitcoin-denominated donations. 

Following the Wikimedia Foundation’s lead, all registered 501(c) organizations are now eligible to receive free bitcoin payment processing using Coinbase. If you have questions about whether your organization qualifies, please contact merchants@coinbase.com.

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