US Figure Skating is now accepting crypto donations, as Nathan Chen shatters records at Beijing Olympics
- US Figure Skating said on Tuesday it will accept donations and gifts in cryptocurrency.
- Donations in bitcoin, ether, dogecoin, and stablecoins like USD Coin will be accepted.
US Figure Skating will start accepting donations in cryptocurrency to support the organization, as figure-skating champion Nathan Chen broke a world record at the Winter Olympics in Beijing.
In a Tuesday press release, the governing body for the sport announced a partnership with crypto donation platform Engiven to allow gifts and donations in cryptocurrencies.
Donations can be made in a wide range cryptocurrencies. The Engiven platform lists bitcoin, ether, dogecoin, shiba inu coin, and stablecoin USD Coin as payment options, among many others. These donations are then converted into dollars and sent to US Figure Skating.
"We continue to look for new and innovative ways to provide funding to the US Figure Skating athletes, clubs, programs and initiatives," US Figure Skating executive director Ramsey Baker said in a statement. "Allowing our supporters to give to US Figure Skating using cryptocurrency makes sense in today's quickly changing financial marketplace."
22-year old Chen, who is a three-time world figure-skating champion, has captivated audiences at the Winter Olympics this week in Beijing, after scoring a world-record a 113.97 points in the individual men's short program on Tuesday.
The Engiven website lists several US Figure Skating projects and initiatives that crypto donations can support.
"Providing a technology platform for donors to give cryptocurrency so that these athletes can achieve their dreams is truly an honor," James Lawrence, CEO of Engiven, said in a statement.
The donations are also expected to support the organization's Destination Beijing project. This aims to gather friends and families of competing athletes unable to travel to China and watch their broadcasted performances at "US Figure Skating's Family Room".
The Covid pandemic saw an increase in online donations generally, with crypto donations surging more than 1,500% in 2021 compared to 2020. Average crypto donation sizes were also significantly larger than cash donations, according to CoinDesk.
The governing body said it received over $1 million in donations each year.
"Today, no non-profit can afford to neglect its online audience, donors and seekers. Crypto is rapidly becoming part of that online ecosystem," US Figure Skating said in its press release.