The Giving Block Launches Crypto Donation Service For High-Net Worth Individuals
Industry News
Giving Block co-founder Pat Duffy said the service streamlines the platform’s existing donation process, allowing “high-value donors to quickly and securely give large gifts to their favorite charities while reducing their tax bill.”
The Giving Block, an online platform that allows nonprofits and charities to receive digital asset donations, has introduced a service geared for large-scale cryptocurrency transfers.
The Giving Block said on Wednesday that it has teamed up with crypto tax startup Taxbit, New York-based accounting firm Friedman and Ren to provide a service geared at individuals, institutions, and experts that want to minimize their tax exposure when donating cryptocurrency. Pat Duffy, a co-founder of Giving Block, said the Private Client Services simplifies the company’s existing contribution procedure, allowing “high-value philanthropists to contribute big gifts to their favorite charities swiftly and securely while decreasing their tax burden.”
Individuals who seek to make significant gifts in cryptocurrency, particularly “illiquid small-cap and mid-cap cryptocurrencies,” now have more chances to lower capital gains tax and potentially enhance deductions when it comes to report to the IRS, according to the platform. “High-value contributors” on The Giving Block have access to cryptocurrency tax specialists, accountants, and appraisers to help with the transaction and subsequent reporting.
Giving Block CEO Alex Wilson told Cointelegraph last week that he expects the platform to handle more than $100 million in crypto donations in 2021, a more than 2,400% increase over $4 million the previous year.
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