Fidelity’s Charity Arm Accepted Over $100 Million Worth of Donations in Cryptocurrency
Fidelity Charitable, the multinational investment firm’s charity arm, has accepted more than US$100 million worth of cryptocurrency since the company initiated the crypto donation service in 2015. Cryptocurrency eventually became the fastest-growing asset class accepted by the firm, receiving nearly US$70 million worth of Bitcoin (BTC) and Ether (ETH) from approximately 170 different donors in 2017. The donations represented a tenfold increase since it first started accepting crypto donations, a number that grew nearly 150% faster than other non-cash charity donations that Fidelity accepts (ie. real estate, stocks).
Fidelity Vice-President, Amy Pirozzolo, told Coindesk that cryptocurrency... “is one of the fastest growing assets that we are seeing wanting to be contributed to charity. Many people who own bitcoin or other forms of cryptocurrency want to be philanthropic.”
According to Fidelity’s annual report, pace of donations slowed down towards the later part of 2018 to $30 million worth of donations. "We see cryptocurrency donations rise along with increases in the value of cryptocurrencies in the marketplace,” said a Fidelity representative in a statement to CoinDesk.
Now that we’re seeing prices rise, however, donors are now more likely to offload them as charitable assets due to the appreciated tax deductions value that charitable donors could claim.