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- The National Republican Congressional Committee (NRCC) will accept cryptocurrency donations, it told Axios.
- BitPay will process crypto donations into US dollars before transferring into the NRCC's account.
- This makes the NRCC the first national party committee to agree to crypto contributions.
- See more stories on Insider's business page.
The Republicans' House campaign arm will start accepting donations in cryptocurrency, Axios first reported on Wednesday.
This makes the National Republican Congressional Committee (NRCC) the first national party committee to agree to cryptocurrency contributions.
Payment processor BitPay will sell donated crypto in US dollars and transfer the money to the committee's account, the NRCC told Axios.
This process means the NRCC won't actually take possession of cryptocurrency when someone donates.
It also means the NRCC can accept individual donations of up to $10,000 per year – the most someone can donate in dollars – rather than the maximum-value limit of $100 per year for cryptocurrency transfers, such as Bitcoin, Axios reported.
"We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi's socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed," Rep. Tom Emmer, chairman of the NRCC, said in a statement seen by Axios.
The NRCC told Axios it would collect identifying information of all the individuals who donate to the committee using cryptocurrency.
