Charities risk losing a generation of donors if they don't accept crypto
Crypto donations expose charities to a "new demographic of funders" that they can’t afford to miss out on. Charities accepting crypto donations are setting themselves up for an entirely new demographic of funders — who just so happen to be one of the most giving, according to charity organizations. Alex Wilson, the co-founder of The Giving Block, a crypto donation platform providing back-end support to charities, told Cointelegraph that the crypto community is still a market many charity organizations have nointeracted with. The top charity organizations in the world by funds received....
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Major U. S. charities are increasingly allowing donors to contribute in bitcoin. The Wall Street Journal on Monday explored why charities such as the American Red Cross, Greenpeace and Save the Children are accepting bitcoin in an article titled, "Brother Can you Spare A Bitcoin?" The report ran in the newspaper's "wealth management" section. In late 2012, when bitcoin was at its peak value, nearly 30 charities raised more than $1 million in a "Bitcoin Black Friday," according to a spokesperson for theBigGive Foundation, which organizes charitable activity among bitcoin users. The....
Giving Block co-founder Pat Duffy said the service streamlines the platform's existing donation process, allowing “high-value donors to quickly and securely give large gifts to their favorite charities while reducing their tax bill.” The Giving Block, an online platform which allows nonprofit organizations and charities to accept digital asset donations, has launched a service tailored to donors wishing to send large amounts of crypto.In a Wednesday announcement, the Giving Block said it partnered with crypto tax startup Taxbit, New York-based accounting firm Friedman LLP, and Ren to start....
The creators of bitLanders added bitCharities to their content hosting platform in January. The core aim of the new sub-platform, as CEO Francesco Rulli explained, was not just to propagate the use of their official mode of payment - the digital currency Bitcoin - but also to motivate people to make regular donations, even if they are small. Prior to launching bitCharities, bitLanders's core focus was to help users in earning Bitcoin rewards while creating and sharing contents. The earned money could therefore be exchanged within curated shopping sections - bitGoodies and bitFashionista.....
Robbie Heegers Endaoment has facilitated the donation of over $30 million of cryptocurrency to 243 different charities. These donations come from altruistic cryptocurrency investors who are also partly motivated by reducing their tax burdens to Uncle Sam and keeping more of their profits.Born in Silicon Valley, Heeger, now in his early 30s, was exposed to entrepreneurship from a young age. Though he initially worked in big tech, he soon became so enthralled with blockchain that he dropped everything to pursue his new passion in 2018. This led him to create Endaoment, which he calls the....
Nonprofits are required to file IRS Form 8282 for crypto donations of $500 or more if donated funds are exchanged for the U.S. dollar. Engiven, an enterprise cryptocurrency donation platform, is working to simplify tax reporting for cryptocurrency donors and nonprofits by launching a tax form and appraisal service for crypto donations.The Engiven platform now allows nonprofits and donors to automatically generate the Internal Revenue Service (IRS) tax form, the firm announced Tuesday.According to Engiven, nonprofits have to file IRS Form 8282 for crypto donations of $500 or more if donated....