The Giving Block, a crypto philanthropy platform, has launched Private Client Services, a premium cryptocurrency donation experience specifically tailored to the needs of high-net worth individuals, institutions and advisors. High-value donors now have access to a suite of services including white-glove donation execution as well as a network of top crypto tax experts, accountants and appraisers. Private Client Services was developed in partnership with TaxBit, Friedman LLP, and Ren in response to what it says is rising demand from individuals and institutions aiming to donate crypto to reduce their tax exposure in the face of increasing regulatory uncertainty.
The new service adds to The Giving Block’s crypto donation offerings including the Crypto Adoption Fund and Cause Funds which allow donors to support multiple nonprofits in a single donation, and the ability for donors to make anonymous cryptocurrency donations to charities to preserve personal privacy. Donors can now complete large cryptocurrency donations in a private, secure and compliant manner, including illiquid small-cap and mid-cap cryptocurrencies that are traditionally hard to donate. This gives individuals and institutions new opportunities to unlock tax savings by reducing their capital gains burden, and likely increasing their deductions.
“Historically, making a major crypto donation was a massive undertaking, requiring hours of research and a carousel of platforms.” said Pat Duffy, co-founder of The Giving Block. “Our new Private Client Services offering streamlines this process into a first-of-its-kind white-glove donation experience that allows high-value donors to quickly and securely give large gifts to their favorite charities while reducing their tax bill.”
The Giving Block, who is on pace to process over $100,000,000 in crypto donations this year, has been helping tens of thousands of investors make tax-deductible cryptocurrency donations to charities, universities, places of worship and other nonprofit organizations since 2018. In that time the cryptocurrency market cap has grown by nearly 1,700 per cent, making it a desirable appreciated asset for investors to give to 501(c)(3) nonprofits. This has attracted the attention of institutional investors, who traditionally donate stocks, now pivoting to donate their more appreciated crypto holdings which present greater tax-efficiency.