Blockchain Powered Giving – speaking with Pat Duffy / The Giving Block
-
By
Matthew Rickard
- 1 min read
- Jul 07, 2021 6:32:18 am
On this episode of the podcast I speak with Pat Duffy, Co-Founder of The Giving Block. Pat came from the nonprofit sector, focusing on executive leadership and fundraising.
Merging his nonprofit experience and passion for Bitcoin trading, The Giving Block was born, as he and Co-Founder Alex Wilson created the turnkey cryptocurrency solutions used by the nonprofit sector.
About The Giving Block
The Giving Block was founded in 2018 after seeing hundreds of millions of dollars in Bitcoin being donated to the few nonprofits that were equipped to accept those donations. Our founders came from cryptocurrency as well as nonprofit fundraising and operations backgrounds.
With the cryptocurrency bull market of 2017-2018, millions of people around the world made a fortune investing in and trading cryptocurrencies like Bitcoin and Ether. Because the IRS treats cryptocurrency as property, these investors had a huge tax incentive to donate Bitcoin and other cryptocurrencies directly to nonprofits. In short, if donated directly to a nonprofit, they would not be liable for capital gains tax and could write it off on their taxes (similar to a stock donation).
The problem? Very few nonprofits knew how to accept cryptocurrency donations or were even thinking about this new pool of donors. So Pat and Alex set out to create the only nonprofit specific solution for accepting cryptocurrency donations, starting at Pat’s old stomping ground the Lupus Foundation. Now, donors have over 200 nonprofits to choose from and it’s easier than ever to begin accepting cryptocurrency donations.
With the cryptocurrency bull market of 2017-2018, millions of people around the world made a fortune investing in and trading cryptocurrencies like Bitcoin and Ether. Because the IRS treats cryptocurrency as property, these investors had a huge tax incentive to donate Bitcoin and other cryptocurrencies directly to nonprofits. In short, if donated directly to a nonprofit, they would not be liable for capital gains tax and could write it off on their taxes (similar to a stock donation).
The problem? Very few nonprofits knew how to accept cryptocurrency donations or were even thinking about this new pool of donors. So Pat and Alex set out to create the only nonprofit specific solution for accepting cryptocurrency donations, starting at Pat’s old stomping ground the Lupus Foundation. Now, donors have over 200 nonprofits to choose from and it’s easier than ever to begin accepting cryptocurrency donations.
