Crypto for Charity: Time to use bitcoin for philanthropic purposes

Crypto for Charity: Time to use bitcoin for philanthropic purposes
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PEOPLE

Crypto for Charity: Time to use bitcoin for philanthropic purposes

‘Crypto for Charity’ joins the list of crypto-friendly charitable platforms.

04/29/2022

Crypto for Charity using cryptocurrency for philanthropic purposes

Cryptocurrency is not all about charts and trading; nowadays, donating digital coins or tokens has started to reshape the realm of charities.

Several largest and well-known charitable organizations are now accepting donations in bitcoin, ether, and other virtual currencies. Among them are UNICEF CryptoFund and Rainforest Foundation. 

Quick Info about Crypto for Charity

‘Crypto for Charity’ joins the list of being a crypto-friendly charitable platform under the management of a US-based charitable giving company, FreeWill.

FreeWill, founded in 2017, assists ‘hundreds of thousands of people and donate almost $5 billion to their favorite charities.’

According to a press release, “It is the latest addition to New York-based FreeWill Co’s suite tools designed to help people give more effectively.”

In addition, it permits donors to make cryptocurrency gifts and give more than 30 digital currencies to above 50,000 US-based nonprofits. Crypto donations can be in Avalanche, Bitcoin, Dogecoin, Ethereum, and Solana.

Not only that, but a user can also instantly receive a tax receipt when the Crypto for Charity users is done sending donations.  

Crypto donations with tax receipt

Lakshmi Parthasarathy is the founder of Crypto for Charity and a Hardvard Computer Science graduate and ex-Google engineer. He said, “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,”  he pointed out.

“There’s a growing awareness of the power of cryptocurrency and its potential to transform society,” he stated. 

“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,” he added.

By Marielle Petere Wozinga Staff

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