Big News in Crypto Philanthropy
The Giving Block is making waves in the world of charity by rolling out a brand new service designed specifically for those looking to make significant donations in cryptocurrency. This is not just for the average donor; it’s tailored for heavy hitters who want to make their generosity count without getting hit hard by taxes.
Team-Up for Tax Savvy Giving
Joining forces with crypto tax startup Taxbit, well-respected accounting firm Friedman LLP, and Ren, The Giving Block is refining the donation process. Their new Private Client Services model is a streamlined, efficient way for high-value donors to contribute big while enjoying some potential tax benefits.
Capital Gains? Not a Problem!
One of the major benefits of this new service is its ability to help donors navigate the sometimes murky waters of capital gains tax. Donors can now donate various types of cryptocurrencies, including the elusive small and mid-cap cryptocurrencies, and reap potential rewards in terms of increased deductions on their tax returns.
Expert Help at Every Step
High-value donors don’t have to go it alone. The Giving Block has lined up a team of cool cats—crypto tax experts, accountants, and appraisers—ready to facilitate donations and assist with the paperwork. It’s like having your own entourage but for philanthropic purposes!
The Holiday Season: A Time for Giving
With the holidays in full swing, it seems many are feeling the spirit of giving. Alex Wilson, the CEO of The Giving Block, made an impressive prediction: the platform is set to handle over $100 million in crypto donations this year—a staggering leap from a mere $4 million in 2020. Now that’s what I call a holiday miracle!
The Crypto Gifting Trends
Indeed, other platforms are jumping on the crypto gifting bandwagon. For example, Block’s Cash App has made it easier than ever to gift crypto with just $1. Even programs like Toys for Tots are getting the crypto treatment, showing that the movement to donate in digital assets is catching on. Who knew donating toys to children could be made even cooler with cryptocurrencies?
