Leading crypto philanthropy platform The Giving Block and Ren, a major autonomous philanthropic solutions provider, have launched one of the flagship donor-advised funds that enable donors to invest some of their crypto, Invezz learned from a press release.
Partnership harnesses potential of a public charity
Before the partnership became a fact, the crypto received by such funds was liquidated upon arrival. The new fund uses the potential of The Giving Block’s platform, which lets charities accept crypto, and brings it together with a fund advised by donors via the public charity Renaissance Charitable Foundation Inc. (RCF).
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Kelly Palmer, EVP of Strategic Growth Operations at Ren, commented:
We are honored to work with a fellow driver for good such as The Giving Block to bring an entirely new way to not only leave a legacy but recognize an immediate tax deduction.
Giving Block Head Mike McLean added:
With the launch of this new offering for DAF users, we can empower donors and advisors to harness the full power of cryptocurrency to ensure their philanthropic goals are met and the nonprofits they are passionate about supporting can benefit from the growth of the cryptocurrency industry.
Operation of the new fund
RCF creates a wallet and sends the address to the donor once the donor-advised fund account is set up. Then, the donor transfers the funds.
Investments start at $100K
The platform accepts investments of Bitcoin (BTC/USD) and Ethereum (ETH/USD). The lower limit to open the new fund has been set at $100,000.
The fund must invest 15% of its value in conventional assets and will be assessed every quarter. Donors can therefore send cash or other conventional assets to their accounts in the donor-advised fund along with their contribution in crypto.
RCF’s staff will cooperate with the donor to help create a plan to fulfill the aims of the donor-advised fund.
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Source: https://invezz.com/news/2022/06/08/the-giving-block-and-ren-launch-first-ever-donor-advised-fund/