The Giving Block — a company that works with non-profit organizations to facilitate cryptocurrency donations — set up an emergency response fundraiser for victims of the wildfires affecting the southern California city of Los Angeles.
According to Ben Pousty, chief operating officer at The Giving Block, the fundraiser set a goal to raise $2 million, and Jared Isaacman, the CEO of Shift4 — the parent company of The Giving Block — is donating $1 million to the charity.
The chief operating officer also told Cointelegraph that charitable contributions denominated in cryptocurrencies offer unique benefits. In a written statement, Pousty said:
“Donating crypto can help donors avoid capital gains taxes — allowing them to potentially deduct the full fair market value on their taxes while giving more to causes they care about, making crypto an innovative, efficient way to give back.”
Organizations like The Giving Block highlight an important use case for cryptocurrencies, which make charitable donations more transparent, cost-effective, efficient, and faster than legacy donation systems.
Related: Saving lives, reducing tax bills through crypto charity: Interview with Joshua Herring
The Giving Block’s history of aiding during times of crisis
Following the Maui wildfires that devastated parts of the Hawaiian island in August 2023, The Giving Block started a disaster relief fund to aid in reconstructing the afflicted areas and helping victims of the fire.
The company agreed to match the donations collected in the fire relief effort with $500,000 of its capital.
In 2024, The Giving Block also raised $1 million to help in the wake of hurricanes Helene and Milton, which left widespread flooding and damage to areas of the Eastern Seaboard of the United States.
The company has worked with thousands of non-profit organizations worldwide to direct crypto donations to charitable causes, including the American Cancer Society, animal rights group PETA, and No Kid Hungry.
A 2023 report from The Giving Block predicted that crypto donations would exceed $10 billion in 10 years and said that the majority of crypto donations made in 2022 on its platform were denominated in Circle’s USDC (USDC) stablecoin.
Magazine: 6 Questions for Pat Duffy of The Giving Block
