Crypto investors have seen their holdings soar this week as a result of post-election euphoria that has Bitcoin fast approaching $100,000. Now, for those looking to spread their newfound wealth around, Robinhood has partnered with Daffy to allow users to donate almost any financial asset to over 1.5 million charities, making it easier to give money to a good cause.
Daffy, the California-based non-profit, is a donor-advised fund whose goal is to make giving a habit by encouraging members to set money aside, allow it to grow and donate it to almost any U.S. charity.
“For the Robinhood customer base this is fantastic because now they have the ability to actually donate some of those gains, some of those assets,” CEO and co-founder of Daffy Adam Nash told Fortune. “And then for charities, now they benefit because that money can flow to them.”
Daffy has already facilitated the donation of over $25 million in crypto to charities throughout the country. With Robinhood’s $14.4 billion of crypto under custody, the platform’s native users will be able to access Daffy using the interface that they are familiar with.
“I think from a security perspective, Robinhood customers are going to appreciate using Robinhood in that form, because that means they get the experience they expect and they pick the crypto that they want to donate,” Nash said.
By donating crypto held for over one year, users avoid capital gains tax and can deduct up to a 30% of its value from their annual income.
There are other ways to donate crypto to charity, too. GiveCrypto, founded by Coinbase CEO Brian Armstrong, distributes crypto to those living in poverty. A number of charities also accept crypto directly including Red Cross, Greenpeace, Internet Archive, Khan Academy and the Human Rights Foundation.
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