Nonprofit fundraising platform, The Giving Block raised over $2.4 million the Tuesday after Thanksgiving, proving once again that the holidays are the best time to give back.
The holidays are the perfect time of the year for giving back, and the rise of cryptocurrencies has created even more opportunities for charitable initiatives. This was highlighted during Giving Tuesday 2021, the Tuesday after Thanksgiving which sawfrom the nonprofit fundraising platform The Giving Block.
According to Wilson, this growth is partly due to the fact that donating crypto is more tax efficient than fiat donations. “Anyone who donates before December 31 is able to claim a deduction for the 2021 tax year. This is a great way to offset some of your gains.” Wilson added that over 1,000 nonprofits currently accept crypto donations through The Giving Block, a few of which include St. Jude, Save the Children and United Way.
“You can think of this as a ‘cause fund.’ The cause here is to make Texas a better place to live. This is also about showing nonprofits that they can adopt new Web 3.0 technologies to advance. The larger goal overall is to see Texas emerge as a leader in crypto philanthropy.” Kelsey Driscoll, senior innovation program strategist at Upbring, further told Cointelegraph that the campaign will be accepting over 40 different types of cryptocurrencies for donations through Dec. 31, all of which are facilitated by The Giving Block. “When donations are made, The Giving Block automatically converts them to United States dollars, so accepting crypto has been just as easy as accepting fiat donations, if not easier,” she remarked.
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