Boston, MA, Aug. 11, 2021 (GLOBE NEWSWIRE) — FOUR PAWS, the global animal welfare organization, through their US office based in Boston, Massachusetts, has partnered with The Giving Block platform to enable Bitcoin and Ethereum donations across the US funding programs that rescue and protect animals.
By accepting cryptocurrencies, FOUR PAWS is offering supporters with cryptocurrency portfolios the ability to support the organization in a tax efficient way. The IRS classifies cryptocurrency donations as property, meaning they are not subject to capital gains tax and are tax deductible on the donor’s tax returns.
“Now that we can accept cryptocurrency, we are pushing FOUR PAWS into the future by creating and supporting more diverse opportunities for supporting animals,” said Country Director of FOUR PAWS in the US, Danika Oriol-Morway.
The Giving Block is a venture capital funded business that makes it easy for nonprofits to accept cryptocurrency donations like bitcoin while also offering donors a more tax efficient way to support their favorite causes. The company work with over 250 nonprofits and have processed millions of dollars in cryptocurrency donations.
How it works?
Once FOUR PAWS receives a donation of cryptocurrency, The Giving Block automatically sells the crypto converting it into currency that then is transferred to FOUR PAWS bank account.
Bitcoin and Ethereum, along with many others, can now be donated to FOUR PAWS via http://four-paws.us/crypto
Which cryptocurrencies does FOUR PAWS USA accept?
You can donate Bitcoin (BTC), Ethereum (ETH), Amp (AMP), Aave (AAVE), Balancer (BAL), Bancor Network Token (BNT), Basic Attention Token (BAT), Bitcoin Cash (BCH), ChainLink (LINK), Compound (COMP), Curve (CRV), Dai (DAI), Decentraland (MANA), Dogecoin (DOGE), Enjin Coin (ENJ), Fantom (FTM), Gemini Dollar (GUSD), Injective Protocol (INJ), Kyber Network (KNC), Litecoin (LTC), Livepeer (LPT), Loopring (LRC), Maker (MKR), PAX Gold (PAXG), Polygon (MATIC), Ren (REN), Storj (STORJ), SushiSwap (SUSHI), Synthetix (SNX), The Graph (GRT), UMA (UMA), Uniswap (UNI), Yearn.Finance (YFI), Zcash (ZEC), 0x (ZRX), 1inch (1INCH) to FOUR PAWS.
Why Donate Crypto Directly?
Taxes! There’s a reason high net worth individuals tend to donate property instead of cash. Donating cryptocurrency directly to a 501c3 nonprofit is more tax efficient and can save you money. The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause. When donating crypto, You receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation. That means you’re able to donate more, as well as deduct more on your tax return. The difference? Sometimes more than 30%. If you provide an email, you will automatically receive a tax receipt after donating.
“Through our work with The Giving Block, we are stepping into the future of fundraising, of donor relations and of impactful, philanthropic giving,” Oriol-Morway explained. According to The Giving Block, there are currently about 35,000,000 crypto users in the US and 101,000,000 globally. The number of cryptocurrency users doubled from 2017 to 2019. With less than 4% of charities world-wide accepting crypto, this adaptation pushes FOUR PAWS into a unique position.