The health system had no way of accepting the donations when the donor first asked if they could send bitcoin, a digital currency managed by blockchain. To accept the donation, Cape Cod had to get approval from its president and CEO Michael Lauf as well as its finance and legal departments, according to the report.
Cape Cod opened an account with a cryptocurrency broker to accept the bitcoins and immediately converted the bitcoins into U.S. dollars, which were deposited into a traditional bank account.
“I think what’s going to occur — without having a crystal ball — is that more and more charities are going to recognize that this is a real opportunity in terms of building philanthropic support,” said Chris Lawson, senior vice president and chief development officer at Cape Cod Healthcare, according to the report.
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