The organization The Giving Block, which assists non-profits in accepting cryptocurrency donations, organized a fundraising effort aimed at helping those impacted by the wildfires ravaging the California city of Los Angeles, specifically for emergency relief.
As per Ben Pousty, The Giving Block’s COO, the fundraising campaign aimed to collect a total of $2 million. Notably, Jared Isaacman, CEO of Shift4 (The Giving Block’s parent company), has pledged a generous donation of $1 million to the charity.
The COO shared with CryptoMoon that donating cryptocurrencies for charity has distinct advantages. Specifically, as stated by Pousty, these advantages were outlined in a written communication.
“Donating crypto can help donors avoid capital gains taxes — allowing them to potentially deduct the full fair market value on their taxes while giving more to causes they care about, making crypto an innovative, efficient way to give back.”
Charitable organizations such as The Giving Block demonstrate a significant application of cryptocurrencies, offering transparent, affordable, streamlined, and swift alternatives to traditional donation methods due to their unique properties.
The Giving Block’s history of aiding during times of crisis
In the aftermath of the destructive wildfires that swept through portions of Maui Island in August 2023, I, as a researcher, found myself moved by The Giving Block’s initiative to establish a disaster relief fund. This fund aimed at rebuilding the affected regions and providing assistance to those who had been impacted by the fire.
The company has pledged to contribute up to $500,000 from its funds to match the donations gathered during the fire relief campaign.
2024 Found Myself Contributing to The Giving Block’s Million-Dollar Aid Effort: Hurricanes Helene and Milton, with their devastating floods and destruction along the U.S. Eastern Seaboard, left a trail of ruin in their wake. I was proud to be among those who donated, offering what help I could during this challenging time.
The organization collaborates extensively with numerous international non-profits, channeling cryptocurrency contributions towards various philanthropic initiatives such as the American Cancer Society, an advocacy group for animal welfare known as PETA, and No Kid Hungry.
2023 saw The Giving Block release a forecast stating that cryptocurrency donations would surpass $10 billion within the next decade. Notably, the bulk of crypto donations processed through their platform in 2022 were based on Circle’s USDC (USDC) stablecoin.
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2025-01-11 19:34