The national governing body overseeing the sport of figure skating in the United States, USA Figure Skating, has given the go-ahead to those wanting to donate to the body in various cryptocurrencies.
The accepted cryptocurrencies include meme coins, DOGE, Shiba Inu, and a host of other currencies like ETH, BTC, USDT, etc. The acceptance was made after the governing body agreed with a third-party firm, Engiven.
Engiven is an enterprise-driven donation platform that partnered with the sports association to accept donations and other cryptocurrency gifts and convert them into readily available funds for the sports body. The payment option is available on the sports body’s website through the Engiven platform.
For its part, it is to promptly convert all the donated tokens for the board into USD to avoid the market’s extreme volatility. Engiven is to automatically convert the crypto as soon as it receives it on behalf of the board.
Ramsey Baker, Executive Director of the U.S. Figure Skating Body, believes that cryptocurrency is a creative way of donating funds to organizations. The latest option to accept cryptocurrency will provide athletes and sports bodies with the needed funding they require. According to Baker, allowing supporters to give to the skating body using other means like cryptocurrency in a rapidly changing financial ecosystem makes sense.
Willing contributors choose either of the two donations, Destination Beijing or Friends of Figure Skating, to donate their tokens. Admission fees, dues, revenues, and licensing fees form the bulk of the body’s revenue; hence, donations are critical for running the sports body.
U.S. Figure Skating is always in need of funds to develop the skating sport; by investing in the potential of the sport-driven individuals, the donation would provide the much-needed boost to support programs and other initiatives.
U.S. Figure Skating is a non-profit organization founded in 1921 to regulate skating standards in all states. It is responsible for selecting the officials and athletes to represent the United States in major international tournaments, including the ongoing Olympic Games in Beijing, China.
A U.S. figure skater, Nathan Chen, set a world record earlier today, putting him on course to clinch a gold medal at the ongoing 2022 Winter Olympics by a margin. The last figure skating team secured a silver medal in the previous competition in Russia.
So far, Team USA has a record number of 51 medals in figure skating, including 15 gold medals, more than any other country in the world.
Although digital coins have since been part of the mainstream transaction medium, other sporting bodies are reluctant to accept digital coins in whatever form they may be. The move makes the U.S. Figure Skating Board the first sport’s governing body to accept cryptocurrency as a donation. However, the body’s announcement to begin the collection of cryptocurrency was made in November last year.
The more organizations begin to accommodate cryptocurrencies for transaction purposes, the more widely accepted they will be for other transactions and donations.