The Giving Block, a crypto donation market, has set up an emergency response fundraiser for victims of wildfires in Los Angeles, California.
The Giving Block COO Ben Pousty said the goal of the fundraiser is to raise $2 million, and Jared Isaacman, CEO of Shift4, the parent company of The Giving Block, will donate $1 million to the charity.
Pousty also said that charitable donations denominated in cryptocurrencies have unique benefits. "Donating cryptocurrencies can help donors avoid capital gains taxes, allowing them to deduct the full fair market value in their taxes while providing more funds for the causes they care about, making cryptocurrencies an innovative and effective way to give back," Pousty said in a written statement.
It is understood that the company has worked with thousands of nonprofit organizations around the world to use cryptocurrency donations for charitable causes, including the American Cancer Society, animal rights organization PETA, and No Kid Hungry. According to The Giving Block, its platform has raised about $200 million in cryptocurrency donations since its inception. (Cointelegraph)