Opportunities for the use of digital currency have increased over the years as digital assets have become better known. One operation, called Endaoment, aims to put charitable donations in people’s hands and recently raised more than $ 2 million to promote their effort.
“Endaoment facilitates the donation of tax-deductible digital currency through its donor-advised funds, a kind of charitable financial account, where donors donate assets to charities and then recommend distributions to nonprofits,” he said. a public statement on Wednesday provided to Cointelegraph. “Endaoment also offers Community Funds, a joint donation opportunity where grants are awarded around specific problem areas and are identified by the community.” Endaoment hosts compatibility for a large number of digital assets.
This is not the first time that cryptography-based donations have emerged as an issue in the industry. The Giving Block has taken several steps to facilitate donations through cryptographic assets.
Endaoment is currently overseen and developed by a community foundation, although the operation aims to eventually function as a decentralized autonomous organization, or DAO, essentially a system administered by the public in a democratic manner in accordance with scheduled rules and guidelines. Endaoment’s donor fund systems run on the Ethereum blockchain, the statement also noted.
Several entities donated and invested a total of $ 2.5 million in Endaoment as part of an initial funding round, the statement said. The capital will help move towards DAO configuration.
“This capital allows us to launch the DAO that is our namesake; the first DAO to drive a chain philanthropic institution without compromising regulatory compliance,” Robbie Heeger, executive director and president of Endaoment, said in the public statement.