The giving block An online platform that enables nonprofits and charities to accept donations of digital assets has launched a service tailored for donors who want to send large amounts of cryptocurrency.
In a communication on Wednesday The Giving Block said it has partnered with cryptocurrency tax startup Taxbit, New York-based accounting firm Friedman LLP, and Ren to launch a service that targets individuals, institutions and advisors who are helping their tax burden through the donation want to reduce cryptocurrencies. Giving Block Co-Founder Pat Duffy said Private Client Services is streamlining their existing donation process and enabling “high quality donors to quickly and safely give great gifts to their favorite charities while reducing their tax burden.”
According to the platform, individuals making large crypto donations, including “illiquid small and mid-cap cryptocurrencies,” now have more options to lower their capital gains tax and potentially increase deductions when the time comes, the IRS Report back. The “high quality donors” of the Giving Block have access to tax experts, accounts and appraisers for cryptocurrencies to facilitate the transaction and subsequent submission.
Since many countries are already celebrating the holidays this year, many have decided to donate to charity in addition to gifts for friends and family. Giving Block CEO Alex Wilson told Cointelegraph last week that he expects the platform to manage more than $ 100 million in cryptocurrency donations by 2021. an increase of more than 2,400% compared to the 4 million of the previous year.
Some trading platforms have already made it possible to donate cryptocurrencies this Christmas season. The digital payments company Block announced on Tuesday that users of its subsidiary The Cash app could send Bitcoin (BTC) or stocks worth as little as $ 1 as a gift, just as they would send cash. Fintech company Unbanked said earlier this month that would allow cryptocurrency donations for Toys for Tots, a United States Marine Corps program that collects toys for distribution to disadvantaged children.