Giving Block, which is an online platform providing nonprofit organizations and charities with the ability to accept donations, has launched a new service. This service has been geared towards donors who wish to spend large sums of crypto. In an announcement made on Wednesday, the platform stated that it had partnered with Taxbit, a crypto tax startup, Friedman LLP, a New York based accounting firm, and Ren in order to initiate a service that was aimed at institutions, individuals, and advisors that were looking towards reducing their tax exposure when donating cryptocurrency.
The co-founder of the platform, Pat Duffy, stated that the Private Client Services streamlines its existing process of donation thereby allowing high value donors to securely and quickly donate large gifts to their favorite charities.
Giving Block Coming in To the Festive Season
According to Giving Block, most individuals that want to make large crypto donations, including illiquid small-cap and mid-cap cryptocurrencies currently have even more opportunities to reduce their overall capital gains tax- which would then potentially increase their deduction when it comes time to report to the IRS. The high value donors of this platform have access to most crypto tax experts, appraisers, and accounts that would facilitate the transaction and the subsequent reporting that comes with it.
With a lot of the countries already gearing up for the festive season this year, most of them have chosen to give their money to charity along with several additions to gifts for friends and family. Alex Wilson, the CEO of the platform recently told the magazine that he expected the platform to go ahead and handle close to $100 million in crypto donations for the current year, which would be an increase of 2,400% over $4 million for the previous year.
Several trading platforms like Giving Block have already provided the gifting of crypto for this holiday season, with Digital payments company announcing on Tuesday that the users of its subsidiary would be able to send around $1 in BTC.
