Using Circle’s API & USDC for Wire Withdrawals for Nonprofit Organizations
By Endaoment
This article was originally published on Medium by Zach Bronstein on Jan 25, 2021.
Organizations can now choose to receive granted funds from Endaoment DAFs as direct deposit wire payments straight into their U.S. bank account.
Endaoment is the nation’s first DAF provider and the first 501(c)(3) public charity running on the Ethereum Mainnet.
Most of the recipient organizations we connect with and support are not quite ready to embrace cryptocurrency like we are. For many, talking to Endaoment about getting their granted funds is the first crypto-related conversation they have ever had. As a result, the leaders and staff at these organizations are a few steps away from setting up a crypto wallet, and need a non-blockchain-based method to claim their granted funds.
We are so proud of our crypto native roots, and look for every opportunity to double-down on our commitment to DeFi principles; aiming to provide a seamless experience for those looking to take their crypto gains and donate them to US based nonprofits charities. However, we also know that different nonprofit organizations have different needs, technological capabilities and their own Boards to answer to.
To make receiving Endaoment grant awards even easier, we have embedded one-click organization claiming support for U.S. bank accounts directly in our application.
Up to this point, we’ve served nonprofit grant recipients on an “as-needed” basis, individually managing wire transfers for those who didn’t want to withdraw funds from Endaoment to a digital wallet.
To streamline the process, we have utilized Circle’s API to build wire transfer functionality directly into our app.
Nonprofit recipients can now enter their bank information directly on the Endaoment app to transfer granted funds to a US bank account with no assistance needed.
We hope that by simplifying this process a bit, we can ease the initial onboarding lift for organizations just beginning to wade into the deep waters of crypto assets.
We have published new documentation, as well as helpful step-by-step tutorials showing how to claim an organization using a U.S. bank account. Check them out here.
If you represent a nonprofit organization and are interested in accepting a gift of cryptocurrency as dollars, Endaoment is now the easiest and most efficient route from crypto held by a donor to cash in the bank.
