Crypto for Charity is a groundbreaking platform that allows donors to make cryptocurrency gifts and donate to more than 50,000 U.S.-based nonprofits. It is the latest addition to New York-based FreeWill Co’s suite of tools designed to help people give more effectively.
Crypto for Charity allows donors to give in more than 30 virtual currencies, including Bitcoin, Ethereum, Solana, Avalanche, and Dogecoin.
“This is a huge win for crypto philanthropy,” Crypto for Charity Founder Lakshmi Parthasarathy, a Harvard Computer Science graduate and former Google engineer.
“Crypto holders no longer have to convert their assets to cash to make a charitable donation. With Crypto for Charity, they can now donate directly in the currency of their choice, making it up to 37% more effective due to federal tax laws that allow donors to take a deduction on the full value of the gift,” Parthasarathy added.
After making a donation, users receive a tax receipt automatically, and their gift is converted to USD and routed to the donor’s charity of choice.
The launch of Crypto for Charity comes at a time when the use of cryptocurrency is skyrocketing, and more people appear to be interested in using it for philanthropic purposes.
“There’s a growing awareness of the power of cryptocurrency and its potential to transform society,” Parthasarathy said. “People are looking for ways to use their crypto for positive social impact. We want to make sure that everyone has the opportunity to support the causes they care about in the most impactful way possible.”
FreeWill is America’s fastest-growing charitable giving company, helping hundreds of thousands of people give nearly $5 billion to their favorite charities since its founding in 2017.
Article Source: FreeWill