News Fidelity Receives Over $100 Million USD In Cyptocurrency Donations...

Fidelity Receives Over $100 Million USD In Cyptocurrency Donations for Charity


- Advertisment -

Fidelity Charitable, the charity arm of Fidelity, released its annual report, which said that they received over $100 Million USD in cryptocurrency donations since it began accepting cryptocurrency in 2015.

Interestingly, cryptocurrency donations were actually down in 2018 with only $30 million given so far and $69 million being given up through 2017. However, the number divergence isn’t that surprising to Amy Pirozzolo, the Head of Marketing at Fidelity Charitable, since she said “that people are less likely to offload their crypto assets for charity whenever the market faces a downturn”. This is because individuals can reduce their capital gains taxes if they donate as cryptocurrency is appreciating. Pirozzolo said that this does not bother them since it can also benefit them as a charitable organizational since “the firm encourages investors to give their assets with the highest depreciations first, as both the donor and charity could benefit from the tax advantages provided by these as well”.

Cryptocurrency’s applications to charity

Cryptocurrency applications and improvements to charity such as administrative cost savings where some money would be lost to processing card and checks or administrative personnel. Plus, since cryptocurrency is all traceable on the public blockchain, it mitigates the chances of charity fraud, which remains a multi-million dollar risk in the sector.

Additionally, some charitable recipients have been blocked from receiving traditional payments, necessitating the use of a censorship resistant digital currency. WikiLeaks famously lost support from payment processors, relying on cryptocurrencies to receive donations and conduct payments. The WikiLeaks shop similarly lost payment processor support, including from cryptocurrency processor BitPay, and has since switched to accept a variety of cryptocurrencies, including Dash, directly through Coinpayments.

Dash’s unique applications to nonprofit challenges

Dash transactions are ideal for charity transactions since they cost less than a penny to send and lock in within seconds. As a testament to what is possible on a decentralized blockchain for charity fundraising, Dash Text has launched what they believe to be the first decentralized charity system where all money donated through the system gets automatically split and distributed via the Dash Text platform to those enrolled in the program. Their pilot started with 50 students in need at the San Antonio school in Caracas and later expanded to 100 students after initial signs of success.

Notably, Fidelity also owns a 15% stake in Neptune Dash, a publicly-traded company primarily running Dash masternodes as a business model.



Please enter your comment!
Please enter your name here

Latest news

What is the Mysterious Pi that Doesn’t Belong to Cryptocurrencies?

Rarely do cryptocurrency websites refer to anything other than bitcoin. According to experts, the main reasons are...

To Kill A Dragon – How To Build An Honest Alternative To Sharing Economy Industry

The sharing economy is big business. Platforms like AirBnB, Uber, WeWork, Upwork, and others in the industry...

3 Beginner Friendly Ways to Make Money with Cryptocurrency 2020

In this article, we will explain how to make money with cryptocurrency in 2020. These methods are...

Blockchain, Bitcoin, and Mashed Potatoes

According to studies, over the next 5 years, many of the major supermarkets are expected to...
- Advertisement -Fidelity Receives Over $100 Million USD In Cyptocurrency Donations for Charity

Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

When we think of authentication in the true sense, then we find ourselves amid the different proven...

UNICEF’s 125 ETH Investment Took Less Than 20 Minutes and Cost Less Than $20

"The digital world is coming to us faster than we could have imagined," said UNICEF chief Chris...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you