Crypto investors have seen substantial gains this week, with Bitcoin nearing the $100,000 mark in the wake of post-election optimism. Now, for those looking to share their newfound wealth, Robinhood has teamed up with Daffy, a California-based non-profit, to allow users to donate a wide range of financial assets—including cryptocurrency—to over 1.5 million U.S. charities.
Daffy is a donor-advised fund that encourages users to set aside money, watch it grow, and then donate it to their choice of charitable organizations. The platform’s mission is to make charitable giving a regular habit.
“For Robinhood customers, this is a fantastic opportunity to donate some of those gains,” said Adam Nash, CEO and co-founder of Daffy. “They can now easily contribute their assets, and charities will benefit as those funds flow to good causes.”
Daffy has already facilitated the donation of over $25 million in cryptocurrency to U.S. charities. With Robinhood’s $14.4 billion in crypto assets under custody, users will now be able to access Daffy through the platform’s familiar interface, making the donation process simpler and more secure.
“Robinhood customers will appreciate the ability to donate crypto in a secure, seamless way,” Nash added. “They can choose the specific crypto they want to donate, all while benefiting from the trusted Robinhood experience.”
One of the key advantages of donating cryptocurrency through Daffy is the tax benefit. If the crypto has been held for over one year, users can avoid capital gains taxes and deduct up to 30% of the donation’s value from their annual income.
While Robinhood users will now have this donation option, other platforms also facilitate crypto giving. GiveCrypto, founded by Coinbase CEO Brian Armstrong, uses cryptocurrency to support individuals living in poverty. Additionally, several charities, including the Red Cross, Greenpeace, the Internet Archive, Khan Academy, and the Human Rights Foundation, accept direct crypto donations.
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