The Giving Block Launches Encrypted Giving Service For High Net Worth Individuals

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The Giving Block, an online platform that allows nonprofits and charities to accept digital asset donations, has launched a service suitable for donors wishing to send large amounts of crypto.

In an announcement on Wednesday, the Giving Block said it had partnered with startup Taxbit, New York-based accounting firm Friedman LLP and Ren to launch a service for individuals, institutions and advisers seeking to reduce their tax exposure when donating crypto. Giving Block co-founder Pat Duffy said Private Client Services is streamlining its existing donation process, allowing “high-value donors to quickly and securely deliver important gifts to their favorite charities while reducing their tax bill ”.

According to the platform, people wishing to make large crypto donations, including “illiquid small and mid-cap cryptocurrencies” now have more opportunities to lower their capital gains tax and potentially increase deductions. when it comes time to report to the IRS. Giving Block’s “high-value donors” have access to crypto-taxation experts, accounts, and appraisers to facilitate transaction and subsequent reporting.

With many countries already celebrating the holidays this year, many have chosen to give to charities in addition to gifts for friends and family. Giving Block CEO Alex Wilson told Cointelegraph last week that he expected the platform to handle over $ 100 million in crypto donations for 2021, an increase of over 2,400 % from $ 4 million the previous year.

Related: Charity Platform Expects Much Bigger Cryptocurrencies Than Fiduciary Donations For Giving Tuesday

Some trading platforms have already allowed the donation of crypto during this holiday season. Digital payments company Block announced on Tuesday that users of its affiliate Cash App can send as little as $ 1 in Bitcoin (BTC) or shares as a gift the same way they send money. Financial technology provider Unbanked said earlier this month it would allow crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys to distribute to underprivileged children.

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