Candidates for political office in the upcoming 2022 midterm elections could be able to accept bitcoin donations more easily with the launch of Engage Raise, a new fundraising platform exclusively for the burgeoning asset class, per a report from CNBC.
The new platform is set to launch in July 2022, ahead of the midterm elections, and will allow federal candidates to raise donations with bitcoin. Martin Dobelle, CEO of Engage Labs, parent company of Engage Raise, communicated with the reporters via email to give small details on the upcoming platform.
The CEO explained political campaigns will be able to process contributions to their platform with bitcoin through either a web browser or by utilizing a widget on their own websites.
“Candidates can use our platform to connect with the crypto and blockchain community via fundraising, events, and messaging,” Dobelle said.
The CEO continued to explain the platform has already seen nearly $1 million in pre-seed investments, noting much of the early interest is coming from business leaders.
Allan Keen, chairman for real estate firm Keewan Real Property, reportedly explained he invested into the platform believing it will help bring “the Democratic process further into the digital age, by allowing the acceptance of cryptocurrencies for campaign donations.”
The news of this upcoming donation platform comes as bitcoin and the broader cryptocurrency market is enduring a large market correction. Bitcoin has suffered a 70% downturn, dipping below $21,000 since its 2021 all-time high of over $68,000. However, recent slumps are not deterring Dobelle’s efforts.
“We’re optimistic that the broader market will recover, along with crypto, and that a major crypto up-cycle will lead into the crucially important election in 2024,” Dobelle said.