The Giving Block which is known for empowering charitable organizations and philanthropic associations, has recently come up with a unique endeavour. It has recently come up with a crypto donation service which will enable the donors to send huge amounts of cryptocurrencies seamlessly while reducing their tax bills.
Founded in 2018, the Giving Block has made the concept of cryptocurrency fundraising simple for charities and NGOs by offering them a provision to accept crypto donations. This Wednesday, the Giving Block declared that they have joined hands with Taxbit, Ren and Friedman LLP to launch a service which will help organizations and donors to reduce their tax bill while donating cryptocurrencies. Pat Duffy , the co-founder of Giving Block said this process will provide a secure system of donation to the high value donors while taking care of their tax exposure at the same time.
Investments from a donor’s perspective
According to them, the donors who are interested in making huge crypto donations like “illiquid little cap and mid-cap digital currencies’ will be able to diminish their capital gains tax and also increase deductions especially while giving a report to the IRS. The high value donors of the Giving Block will be able to communicate with the accounts, crypto specialists to make the process simple and easy.
While celebrating holidays, many countries have chosen to stand up for causes and make charity. Alex Wilson, CEO of Giving Block anticipated last week that the platform is expected to deal with more than $100 million in crypto donations for the year 2021.
This festive season, some of the crypto platforms have already come up with the revolutionary concept of crypto gifting. This Tuesday, Block, a digital payment company, announced that subsidiary cash app users have the liberty to send $1 in bitcoin as a gift or stock, almost in the similar way they have been making monetary transactions. Unbanked has also announced this month that they will be initiating crypto donations for Toys for Tots. This is a special United States Marine Corps run program that has taken up the process of collecting toys and distributing them to underprivileged children.