Onboarding - General Questions

How do I onboard my organization and accept crypto donations?

To kickstart your onboarding journey, you will soon receive an email containing a temporary password and a link to access your dedicated account on our platform, The Global Board (TGB).

Our onboarding process prioritizes adherence to the Know Your Customer (KYC) standard, ensuring the validation of your organization's documentation, information, and status. This commitment to KYC standards reflects our dedication to maintaining a secure and compliant environment for all our users.

The application itself is designed for efficiency, with an average completion time of just 10 minutes.

Once your application is approved, your account will be live and ready for use.

Why do I need to provide documents to verify my account? What is KYC?

The process of providing documents to verify your account is necessary due to the regulations and compliance requirements surrounding cryptocurrency exchanges. Similar to banks, cryptocurrency exchanges must adhere to local, federal, and international rules and regulations.

KYC, which stands for "Know Your Customer," is a standard practice in the financial industry. It involves verifying the identities of customers to prevent money laundering and ensure compliance with anti-money laundering (AML) regulations. KYC is essential for all regulated institutions, including those operating within the blockchain space.

Complying with KYC regulations is a legal and regulatory requirement for cryptocurrency exchanges operating within the United States. Our partner, Gemini, is a New York Trust Company and is regulated like a bank. They undergo regular bank examinations and must adhere to KYC and AML requirements.

In summary, the need to provide documents to verify your account is a legal and regulatory requirement imposed on cryptocurrency exchanges to prevent illicit activities and ensure compliance with KYC and AML regulations. These measures are in place to maintain transparency, security, and the integrity of the cryptocurrency industry as a whole.

Which cryptocurrency exchange platform is The Giving Block using? Is it safe?

The Giving Block has carefully selected Gemini as our preferred cryptocurrency exchange platform. Gemini stands out in the industry as the first cryptocurrency exchange and custodian to attain both SOC 1 Type 2 and SOC 2 Type 2 certifications.

SOC 1 and SOC 2 certifications are vital in demonstrating Gemini's commitment to maintaining robust security measures and adherence to industry standards. These certifications validate that Gemini has implemented effective controls and safeguards to protect the confidentiality, integrity, and availability of client data.

By choosing Gemini as our exchange platform, we are ensuring that your cryptocurrency transactions and holdings are supported by a highly secure and trusted infrastructure. Gemini's dedication to upholding these rigorous certifications further reinforces our commitment to providing a safe and reliable environment for our clients.

For more detailed information about SOC 1 and SOC 2 completion and what they entail, we encourage you to refer to the following article: https://www.gemini.com/blog/gemini-completes-soc-1-type-2-and-soc-2-type-2-examinations-leading-crypto. It will provide you with a comprehensive understanding of the significance and implications of these certifications in the context of cryptocurrency exchanges.

Rest assured that by utilizing Gemini as our cryptocurrency exchange platform, we prioritize the security and protection of your assets, enabling you to engage in your desired crypto activities with confidence.

Is the information I submitted safe?

We understand that the information you provide during the onboarding process is of a sensitive nature, and we want to assure you that we prioritize the security of your data.

To ensure the utmost protection, we adhere to industry best practices when it comes to data security. When you submit your documentation, we employ a robust security protocol. Your information is transmitted using the SendSafely platform, SendSafely, which employs end-to-end encryption. This means that your data remains encrypted and is only accessible by our authorized compliance staff.

At every step of the process, we take stringent measures to maintain the confidentiality and integrity of your information. Our compliance team undergoes rigorous training and follows strict security protocols to handle and process the submitted data securely.

We also recommend familiarizing yourself with Gemini's comprehensive security policies, which can be found at the following link: https://www.gemini.com/security. Gemini, as our chosen cryptocurrency exchange platform, upholds industry-leading security standards and has implemented robust measures to protect your data.

We want you to have peace of mind knowing that we are committed to maintaining the confidentiality and security of your information throughout the onboarding process and beyond.

How long does it take to get approved?

Once all the documents are submitted to our compliance team, your application will go through the below three stages. The average approval timeframe is between 5 - 7 working days. 

1. Initial review
2. Final Review
3. Approved

*In extreme cases it may be reviewed by the head of our compliance team and may delay the approval time by 24-48 hours.

What happens after our application is approved?

Once your application is approved, your organization's donation form will be created. The Giving Block team will then send a email that will contain your next steps - including your New Client Kick-Off and  Activation Checklist to get you started on launching a successful non-cash assets fundraising program. 

What is a Fiscal Sponsor status?

A fiscal sponsor is a nonprofit organization that provides fiduciary oversight, financial management, and other administrative services to help build the capacity of charitable projects.