Coded by Kids goes crypto - Technical.ly Philly

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Apr. 23, 2018 9:51 am

Coded by Kids goes crypto

The nonprofit partnered with blockchain startup STEMChain to accept donations in cryptocurrency once the company's platform is live.

Kids, coding.

(Photo courtesy of Coded by Kids)

Nonprofit Coded by Kids is doing as every nonprofit does and getting creative with its fundraising: The organization has partnered with blockchain startup STEMChain to set up donations through the company’s cryptocurrency-enabled platform.

STEMChain’s EcosySTEM platform — expected to go live over the next couple of months — helps organizations in the Science, Technology, Engineering and Math space build awareness for their causes and accept crypto funds (or STEMcoins). There’s a transparency hook in that organizations must direct the funds to the intended mission. The Philly-based startup will match donated funds on a 1:1 ratio.

Maggie Deptola, COO at Coded by Kids, said the foray into the crypto realm was made interesting because of the transparency promise. It also helps by expanding the network of potential donors to be reached.

“It’s hard for nonprofits to get dollars outside of programming dollars,” Deptola said. “But these funds will help our CommonSpace program, which operates inside rec centers and community spaces.”

It’s a unique opportunity, Deptola said, because despite taking a healthy skeptical approach to cryptocurrencies, the move will allow the nonprofit to have access to a network of people previously untapped.

“We don’t necessarily know but I could make a connection that people that are into crypto are also into coding programs,” Deptola said. “This might be a revenue stream that makes sense for us.”

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Full disclosure: Technical.ly CEO Chris Wink is on the board of Coded by Kids.

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