First completely on-chain 501(c)(3) surpasses major milestone in time for its first anniversary
Blockchain-based nonprofit Endaoment surpasses $7 million USD in total donations as it celebrates its first anniversary. The donations, given to Donor-Advised Funds (DAFs) created on Endaoment’s platform as cryptocurrencies, have been distributed to more than 100 nonprofit organizations in service of social impact causes.
On October 5, 2020, Endaoment launched with the mission of creating a decentralized philanthropy to manage and encourage the charitable giving of cryptocurrencies. As the first 501(c)(3) institution built entirely on the Ethereum blockchain, Endaoment leverages blockchain technology to facilitate efficient, transparent, tax-deductible donations of more than 150 cryptocurrencies to registered nonprofits across the United States. The donors give through either Community Funds or Donor Advised Funds (DAFs), which task communities or donors, respectively, with recommending the organizations best fit to receive grants. Over the past year, Endaoment has granted out approximately 60% of donated funds, a huge percentage compared with traditional DAFs, which typically only grant out 22% of their balance annually.
“We are so proud of what Endaoment has been able to accomplish in our first year,” said Endaoment President and CEO, Robbie Heeger. “By using on-chain technology and best-practices, we are able to effectively and efficiently process donations across a wide range of assets to causes in need of funding. This year has been particularly challenging for nonprofits and we are blessed to have been able to connect crypto donors to worthy causes.”
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Among the 100 organizations to receive grants during Endaoment’s first year of service was the Committee to Protect Journalists, Carbonfund.Org Foundation, Cancer Research Institute, Asperger/Autism Network, Jane Goodall Institute for Wildlife Research Education & Conservation, and Asian Americans United. Currently, Endaoment has six active Public Community Funds which support a wide range of causes, including climate justice, journalistic integrity, the Black LBGTQ+ community, and the Asian American and Pacific Islander (AAPI) community.
In addition to exposing nonprofits to the growing asset class of cryptocurrencies, which now have a combined market capitalization of more than $2 trillion, Endaoment’s industry-leading, low-cost DAFs are changing the landscape of philanthropic giving and demonstrating the value of cryptocurrency and associated blockchain technology. Endaoment enables users to donate directly in their currency of choice while receiving tax credits for their gifts. In doing so, Endaoment is streamlining the crypto-giving process and creating new incentives for users to give a portion of their capital gains back to the community.
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