The Giving Block Rolls Out Crypto-donation Service To Help Donors Save On Tax
Crypto-donations firm The Giving Block has rolled out a specific service for high-net-worth individuals, institutions and advisors to enable them to donate crypto to reduce their tax exposure. The Private Client Services is the first premium cryptocurrency donation experience specifically tailored for such entities.
The service has been developed in partnership with TaxBit, Friedman LLP, and Ren in response to rising demand from individuals and institutions aiming to donate crypto in their bid to unlock significant tax savings by reducing their capital gains burden, and likely increasing their tax deductions.
Private Client Services provides a simplified and comprehensive white glove service for high value cryptocurrency donors, regardless of their technical expertise. Donors can now complete large cryptocurrency donations in a private, secure and compliant manner, including illiquid small-cap and mid-cap cryptocurrencies that are traditionally hard to donate.
The new service adds to The Giving Block’s popular crypto donation offerings including the Crypto Adoption Fund and Cause Funds which allow donors to support multiple nonprofits in a single donation, and the ability for donors to make anonymous cryptocurrency donations to charities to preserve personal privacy
The Giving Block has been helping tens of thousands of investors make tax-deductible cryptocurrency donations to charities, universities, places of worship and other nonprofit organizations since 2018. It is on track to process over $100 million in crypto donations this year.
Institutional investors have been making a beeline to donate their more appreciated crypto holdings to 501(c)(3) nonprofits for greater tax-efficiency. They used to traditionally donate stocks.
Recently, The Giving Block raised more than $2.4 million on the biggest crypto fundraising day of the year dubbed as Crypto Giving Tuesday. This is the crypto version of Giving Tuesday, which is an internationally recognized day to contribute to charity before kicking off the holiday season. The first Tuesday after Thanksgiving is called Giving Tuesday.
Over the course of the day, donors gave more than $2.4 million in crypto to nonprofits and shattered last year’s record with 583 percent year-on-year growth.
Crypto Giving Tuesday also kicked off Bag Season, The Giving Block’s 31-day year-end fundraising campaign that is targeting more than $100 million in crypto donations this year.
The Giving Block makes it easy for nonprofits and other charitable organizations to accept cryptocurrency donations and for users to donate in a more tax efficient way and converts all donations to US Dollars within seconds.
These donations help users to lower their income tax bill as donating crypto is not spending crypto. This will allow charities to accept more than 45 types of cryptocurrency, including Bitcoin, Ethereum, and Dogecoin.
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