Wasabi Wallet said the donation will be split equally between the two companies and is needed given the lack of financial support and incentive for developing and pursuing open-source tech.

The goal is to support the development of Bitcoin Knots and does not have any specific stipulations, according to J. Daniel Beluska of ZkSNACKS, the private company that supports the development of the open-source Wasabi Wallet.

This donation is part of the rising trend of cryptocurrency donations.

The announcement was made Monday March 1^st 2021 in a wasabi blog post.

To learn how to donate bitcoin or other cryptocurrencies to any charity in Canada, USA and Israel, visit Charity Exchange.

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Cryptocurrency donations are an emerging trend for charitable giving. More and more donors are looking to donate crypto to their favourite charities. In 2019 Anne Connelly published a report on the landscape of cryptocurrency donation across Canada. The report suggest that in 2019 only 4% of Canadian charities accepted donation in cryptocurrency. However, the survey showed that 29% of donors have donated cryptocurrency to charity. So, the crypto donation trend is on the rise.

Can one donate Crypto to charities that do not accept Crypto?

The short answer is yes. Charity Exchange can help increase the accessibility for donors and charities to donate and accept cryptocurrency donations.

Charity Exchange accepts Cryptocurrency donations from donors. Donors can deposit their crypto donations into their Donor Advised Fund account and receive a tax-deductible receipt for the fair market value of their cryptocurrency. Donors can then (recommend and) gift the donation to any registered charity in the countries Charity Exchange operates in.

Charites can also open a Charity Exchange account and direct donors to their charity listing page and accept cryptocurrency donations through the Charity Exchange platform.

The process of how Charity Exchange accepts cryptocurrency.

Charity Exchange users can deposit cryptocurrency into their Donor Advised Fund accounts. The fund currently accepts three types of cryptocurrency, BITCOIN, ETHEREUM and USDC.

Once the crypto has been deposited to the user’s account, charity exchange converts the currency to USDC and redeems the USDC crypto for the local fiat currency. In the US we exchange it for USD, in Canada for CAD and in Israel for Israeli Shekels. This process helps avoid potential fluctuations in the market and stabilize the value of the cryptocurrency. It ensure that the charity receive the maximum financial value intended by the donor at the time of the gift.  It also allows the donor to put the funds to use immediately.

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One, the tax benefit. Donating cryptocurrency such as Bitcoin, Ethereum or Litecoin and other cryptocurrency to registered charities and non-profit organizations is tax deductible. In addition, in some instances there may be no capital gains tax on cryptocurrency and can help donors reduce their tax obligations.

Two, it is simple and easy. Donating cryptocurrency is simpler than donating with a credit card or other methods of payment. Credit cards for instance, require valid personal billing information and can be compromised while cryptocurrency do not have personal or billing information attached to the payment.

Three, join the growing trend and support a cause you care about. In the last few years, cryptocurrency donations have been on the rise.  Hundreds of millions of dollars of crypto have been donated to many charities in North America. According to some estimates, six hundred million dollars worth of crypto have been donated to US charities alone.

We at Charity Exchange can help you donate Bitcoin, Ethereum, and other Cryptocurrency to any charity in Canada, USA and Israel. Charity Exchange connect donors with charities across the globe. Our Donor Advised Fund can help any donor donate crypto to any registered charity (in the countries we operate in). When you open a Donor Advised Fund account, you can fund the account with cryptocurrency and gift the converted fiat currency to any registered charity.

To learn more how Charity Exchange can help with crypto donations visit the Donate Crypto FAQ page.

*For tax or legal advice regarding cryptocurrency donations (or any other donations) and their tax status please consult with your attorney, accountant, or financial advisor.

_{Legal Notice: Opinions in this blog post do not reflect the opinion or endorsement of Charity Exchange or its affiliates. The opinions in this post should not be used as legal or financial advice for any financial decision. The advice or opinions shared in this blog post are solely those of the author and are not the opinion of Charity Exchange or its affiliates. For legal or financial advice, always consult with your financial advisor or legal council.}

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