Crypto Donation Firm The Giving Block Bought by Payment Services Provider Shift4
Industry News
Shift4, a supplier of payment technology, announced Tuesday the acquisition of cryptocurrency donation platform The Giving Block.
The agreement includes a $54 million upfront payment and a possible payout of up to $246 million in shares and cash, the business stated in an investor presentation.
The Giving Block generated $5 million in income in 2021, which is anticipated to more than quadruple to $10 million in 2022. The transaction will contribute at least $5 million in adjusted EBITDA to Shift4 in 2023.
The Giving Block is a platform for cryptocurrency donations. It supports over 1,300 NGOs. Shift4 also announced the acquisition of Finaro, an e-commerce services provider.
Shift4 (FOUR) shares fell more than 4% in pre-market trading.
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