Is it possible to directly donate crypto for charity?

Cryptocurrency is one such asset that is now being donated to save millions of lives across the globe. Cryptocurrency development in Kolkata and the rest of the country is setting a new benchmark, and it is now believed that crypto can be a force for good. Crypto donation is a meaningful charity that can bring in a positive change for children, families and their communities across the globe.

Key takeaways –

·    Cryptocurrency donations are booming and gifts come rolling down the calendar.

·         Crypto investors are able to evade taxes on profitable assets.

·         As per experts, there are certain things to be considered before transferring crypto to charity.

How can cryptocurrencies be used for donation and charity?

Cryptocurrency donation is a whole new ball game, and Bitcoin and other cryptocurrencies can be used for donations directly to charity. When talking about crypto donation, there are certain benefit that sets it apart from other forms of donations – the charity will be receiving the full value of the contribution and tax deductions will be equal to the fair market value of the donated cryptocurrencies, and the gift to charity will be huge with zero tax deductions.

Donating cryptos can be the most tax-efficient way to contribute and support homeless people, orphanages, and many other causes. Most of the charitable bodies are not able to receive crypto donations because of the incorporation of a digital wallet. If the wallet is set by the donor and the wallet key is possessed by the donor, then the donation becomes easier. Most of the crypto donations are made through a third-party processor and also through donor-advised funds as well.

Which non-profit organizations accept crypto donations?

Be it early childhood education or human rights, there are several non-profit organizations that accept crypto donations. Some of the renowned charitable bodies can be listed as –

·         Daffy Charitable: Via Daffy mobile app, you can easily donate Bitcoins or other cryptocurrencies to more than 1.5 million organizations. The donations made in crypto can be received and cashed by the charities.

·     Human Rights Foundation: It is one such non-profit organization that promotes and protects human rights on a global scale. The foundation works for defending human rights and promotes liberal democracy, and accepts Bitcoin and Ethereum in donations.

·       Rainforest Foundation: This foundation works on the ground to protect and secure land rights for indigenous people and directly invests in indigenous communities to help them conserve their ancestral land and other resources necessary to protect their rainforests. Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are accepted in donation by the foundation.

·         Red Cross: Known to serve for one purpose, to help people in response to natural or man-made disasters, the international Red Cross foundation is the largest humanitarian network in the world. The network accepts crypto donations in Bitcoin via Bitpay. 

According to a Crypto exchange development company, crypto donations appear to be growing in popularity and is a fundraising campaign that works in tandem with other international fundraising campaigns. With blockchain technology backing the cryptocurrencies like Bitcoin, Ethereum and other cryptocurrencies, these digital assets can be donated to charity without a hassle.