The Wikimedia Foundation, the non profit organisation that owns and operates noted online encyclopedia Wikipedia, has received more than $140,000 in bitcoin donations since it began accepting contributions in the digital currency during first week.
The news follows the announcement of the organization’s partnership with California based payments processor Coinbase to accept bitcoin on 30th July 2014, a development that was widely seen as a validation of bitcoin’s potential to impact non profit fundraising.
Coinbase revealed the fundraising milestone in a new blog post, as follows
“Today, we are thrilled to announce that in the first week of accepting bitcoin, the Wikimedia Foundation has received over $140,000 in bitcoin donations”.
The bitcoin acceptance and the ability to raise a significant amount suggests the staying power of digital currency donations, owing to the combination of tax benefits and transaction cost savings.
In the past, the Wikimedia Foundation has said that the decision was made only after strong internal debate about the legal and financial implications of doing so.
Wikipedia Raises $140,000 of Bitcoin Donations First Week