Fidelity Charity Unit Raises Over $ 100 Million In Cryptocurrencies

Fidelity Charity Unit Raises Over $ 100 Million In Cryptocurrencies

The charity division of one of the world’s largest asset management companies, Fidelity Charitable, reported that since 2015, more than $ 100 million in cryptocurrency donations have been raised.

It is reported that over the past year, donations have declined. The most productive year was 2017, which was the heyday of Bitcoin and other cryptocurrencies. If in 2017 donations of $ 69 million were collected, then next year the volume of donations fell by more than half – to $ 30 million.

“We see that the volume of donations is growing along with the price of cryptocurrencies in the market,” the report says.

As Amy Pirozzolo, Fidelity Charitable’s marketing director, emphasized, people are less likely to accept cryptocurrencies as donations when the market crashes. This is also due to the fact that the volume of tax benefits is reduced after donations in cryptocurrencies when their rate drops.

“One of our tasks is to help people who donate cryptocurrencies for charitable purposes in reducing tax obligations,” Priozzolo noted.

The head of the marketing department also said that Bitcoin is usually used for donations. However, recently, ether has become quite popular. The organization recently began accepting XRP as a donation.

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Late last year, Coinbase CEO Cryptocurrency Exchange Brian Armstrong called on
wealthy cryptocurrency holders donate their assets to charity and other purposes.