WASHINGTON and INDIANAPOLIS, Sept. 27, 2021 /PRNewswire-PRWeb/ -- The simultaneous growth of cryptocurrencies and donor-advised funds are evidence of a new era in charitable giving. Today, The Giving Block, the cryptocurrency giving platform provider, and RenPSG, the leading charitable giving platform provider and administrator, announce their strategic partnership in response to needs of the changing philanthropic landscape.
The partnership makes it simple for donors to move cryptocurrency assets into new or existing donor-advised funds.
RenPSG will begin offering this solution to its clients ahead of the end-of-year giving season to support the surge in crypto donations. This feature is made possible through an integration with The Giving Block's innovative donation technology that allows charities to accept more than 45 types of cryptocurrency, including Bitcoin, Ethereum, and Dogecoin. Renaissance Charitable Foundation, Inc., a donor-advised fund sponsor, is the first of RenPSG's institutional clients to accept crypto donations through the new partnership beginning this week.
"As the number of cryptocurrency users has grown, so has the number of crypto donations. As a response to this changing market, we needed to provide an easy and convenient way to facilitate crypto donations and are excited to partner with The Giving Block to offer this solution to our clients," said Kelly Palmer, Executive Vice President of Strategic Growth Operations for RenPSG. "We expect many of our clients to take advantage of this solution to diversify the types of assets they accept into their donor-advised fund offering and create interest to a whole new pool of donors."
In recent years, donor-advised funds have become the fastest-growing charitable giving method. DAFs enable donors to make charitable gifts that appreciate in value and pay out over several years. They have become popular among small-gift donors that wish to maximize the value of their contributions while benefiting from tax efficiencies.
Meanwhile, cryptocurrencies like Bitcoin have attracted more than 220 million users and boast a global market cap of roughly $2 trillion. By donating cryptocurrencies instead of traditional government-back currencies, individual donors in the U.S. and several other countries have the option to reduce their capital gains taxes.
"The decentralized nature of cryptocurrency allows people around the world to experience a new kind of financial freedom. Now, those who wish to be generous with their crypto have a new avenue for increasing the value of their charitable contributions," said Alex Wilson, co-founder of The Giving Block. "As more options become available for donating crypto, we will start to see philanthropy emerge as one of the main pillars of the cryptocurrency community at large."
Today's announcement builds on RenPSG's work to remove friction in the giving process while making charitable giving more tax efficient for all donors, and The Giving Block's aim to empower charities to accept cryptocurrency.
About The Giving Block
The Giving Block makes Bitcoin and other cryptocurrency fundraising easy for nonprofits. Empowering mission-driven organizations, charities, universities, and faith-based organizations of all sizes to leverage crypto technology to achieve their mission. Discover why cryptocurrency is the fastest growing donation method for Millennial and Gen-Z donors, at http://www.TheGivingBlock.com.
Established in 1987, RenPSG provides a custom donor-advised solution utilizing their proprietary philanthropic software platform DFX, with complete administration including charity vetting and grant distribution. RenPSG supports more than $15 billion in donor-advised fund assets for financial firms and nonprofit organizations throughout the United States. To learn more about RenPSG, visit http://www.renpsg.com.
The Giving Block
Ranee Volkers, RenPSG, +1 281-444-1590, [email protected]