The opportunities for cryptocurrency use have increased over the years as digital assets become more popular. An operation called Endowment aims to put charity in the hands of the people and recently received more than $2 million to advance their effort.
“The endowment offers its donor-advised funds, a type of charitable financial account where donors donate assets to charity, and subsequently recommends distribution to non-profit organizations,” read Wednesday’s public statement provided to Cointelegraph. It provides tax-deduction facility through cryptocurrencies. “The endowment also provides community funding, providing a collective opportunity where grants are given around specific issue areas and recognized by the community.” The endowment hosts a wide range of compatibility for digital assets.
This is not the first time that crypto-based donations have emerged as a topic in the industry. The Giving Block has taken several steps Donation facility through crypto assets.
The endowment is currently overseen and developed by a community foundation, although the operation is intended to ultimately function as a decentralized autonomous organization, or DAO, – essentially the public in a democratic fashion conforming to programmed rules and guidelines. A system operated by The statement also added that the endowment’s donor fund system runs on Ethereum’s blockchain.
Multiple entities donated and invested a total of $2.5 million in endowments as part of the seed funding round, the statement added. The capital will help lead to the establishment of the DAO.
“This capital enables us to launch the DAO that bears our name; the first DAO to power an on-chain philanthropic institution without compromising regulatory compliance,” Robbie Heiger, CEO and President of the Endowment, said in a public statement.