The beauty of Giveth is that projects of all shapes and sizes, passionate about a plethora of different causes, can raise funds on the platform. Registration is straightforward but when the donations come flooding in, projects can face challenges when converting crypto donations into local fiat.
Off-ramping solutions vary by region and the best solution is not always obvious, even to the crypto-savvy. Many project owners are new to the world of crypto and need support to off-ramp: not knowing how to exchange crypto donations to fiat often creates a bottleneck in the fundraising cycle.
The solution needs to be user-friendly, accessible in terms of language, dynamic, maintain accuracy in response to the pace of development in Web3, the changing regulatory landscape and the gradual adoption of crypto donations in the non-profit sector.
The knowledge to solve these problems is currently as widely distributed as the projects on Giveth! Let’s consolidate and record this off-ramping knowledge in an open, shared and searchable database.
The off-ramping database will be part of the “logistical support for on-boarding and off-ramping” workstream in the new proposed Connect Working Group within the Comms Circle (The Giveth Connect Working Group). This resource will improve the project experience, complement and gap-fill two of the key goals of the Comms Circle:
- Offer a clear and supportive on-boarding process
- Create a Network of Partners
Through gaining a deeper understanding of the different off-ramping solutions available, and challenges faced by projects sourcing funding in crypto, and creating a network of expert representatives in the different regions, this resource aims to:
- Create an open, shared-resource of various off-ramping options by country and region that will continue to grow and evolve
- Identify and bring regional experts on-board to be responsible for entering region-specific, off-ramping solutions and keep information up-to-date
- Regularly review the database to ensure contact information is current and data accuracy is being maintained (suggest twice per year)
- Include an FAQ and glossary of terms, if deemed necessary
The key benefits of creating and growing this resource are to:
- Improve the project experience by removing barriers to funds
- Get funds moving and utilised for impact on the ground
- Improve engagement by facilitating ease of access to funds
- Attract more projects to the platform as projects begin sharing their positive experience
- Build community and partnerships
- Help spread awareness of Giveth
- Benefit the wider crypto community
Google Sheets will be used to capture a summary of off-ramping solutions (inc. tokens, fees withdrawal, exchange, links, fees data etc.) and should provide enough information for crypto-savvy (‘301 level’) users. These sheets will act as an index with links to more detailed resources for less crypto-savvy (‘201 & ‘101’ level) users. Many of these resources will already be in existence or may need to be created. Separate consideration will be given to exchange and non-exchange solutions with a separate data sheet created for each.
Fields for region, country and others will be standardised with drop-down menus to allow for data analysis.
Regional experts will be sought through networking within and outside of the Giveth community.
Link to Google sheets doc for review and feedback is below. Should we be capturing additional data at this high level?:
Priority for completion will be given to regions where Giveth has a concentration of projects or where it is considered difficult to off-ramp. As part of the wider research into project experience within the Connect Group, this project will document any off-ramping challenges experienced by projects…
Google Data Studio will be used for information display.
Let’s have a discussion around rewarding ‘regional expert’ contributors given the ongoing stewardship of data required.
Many projects are cautious about raising funds in crypto because of concerns around tax, legal and accounting regulations. Included in the Google Sheets file, is a third sheet for indexing and capturing regulatory, tax and accounting resources caveated as ‘information only and should not be considered professional advice’.
Can / does Giveth wish to add value by providing resources/partnerships to support projects in these areas?
Giveth liaisons: ahmad, WhyIdWanderer (Ashley)
- Yes, go for it
- No, thanks