The BBB Wise Giving Alliance (BBB WGA) is in the business of verifying charities to make sure they are legitimate and valid. The platform has now permitted all the charities it works with to accept donations in more than 50 separate digital currencies and tokens. All charitable donations will be powered by a firm known as The Giving Block. The BBB WGA and The Giving Block Are Working Together The idea of giving cryptocurrency as a charity donation has grown heavily in recent years. This is primarily due to the prices of these currencies rising, and thus companies – whether they be large corporations or non-profits – are looking to take advantage as a means of cashing in on what is arguably a large and growing industry. However, crypto-based charity donations also
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The BBB Wise Giving Alliance (BBB WGA) is in the business of verifying charities to make sure they are legitimate and valid. The platform has now permitted all the charities it works with to accept donations in more than 50 separate digital currencies and tokens. All charitable donations will be powered by a firm known as The Giving Block.
The BBB WGA and The Giving Block Are Working Together
The idea of giving cryptocurrency as a charity donation has grown heavily in recent years. This is primarily due to the prices of these currencies rising, and thus companies – whether they be large corporations or non-profits – are looking to take advantage as a means of cashing in on what is arguably a large and growing industry.
However, crypto-based charity donations also offer a lot of benefits to givers and receivers alike. For one thing, they are fully tax deductible – just as if you were giving a cash donation or charging something to a credit card. You can write the money off on your taxes and potentially reduce what you owe for the year. In addition, all crypto-based donations are not subject to capital gains taxes, which is a huge relief for both parties given that whatever is being given comes without the burden of additional fees.
The BBB WGA runs a crypto-based donations platform known simply as GiveSafely.io. This platform is set to integrate itself with The Giving Block so that donors can provide crypto and cash-based donations to the charities and non-profits of their choice. The idea is to create a peer-to-peer environment that donors and charities can utilize to ensure quick and safe funding for noble causes.
Donors are also set to receive digital rewards for providing information about themselves. All data given is stored safely with The Giving Block and is not shared with third parties.
Art Taylor – president and CEO of the BBB WGA – stated in an interview:
As cryptocurrency is becoming a growing contribution alternative, we are excited to work with The Giving Block, a leader in crypto philanthropy, to expand the tools available to donors and charities on our blockchain-based donation platform GiveSafely.io.
More People Considering This Option?
Alex Wilson – co-founder of The Giving Block – also threw his two cents into the mix, commenting:
With the erosion of public trust in institutions, it’s important now more than ever to make sure that donors and charities engage in new fundraising models wisely and effectively.
According to data per The Giving Block, donations in crypto have risen tenfold since 2020. In addition, a survey conducted by the BBB WGA that recorded the statements of approximately 2,000 adults suggests nearly 75 percent of all Americans who own digital currency are now considering making donations in digital funds over the next year or so.