100+ More Ways to Be More Generous with Crypto

100+ More Ways to Be More Generous with Crypto

2021 has been a big year for crypto, and at Daffy, we thought what better way to ring in the New Year than to help our members be more generous with crypto this holiday season. We were very proud to launch Daffy just a couple of months ago as the first donor-advised fund in the App Store with the ability to both contribute and invest in crypto. However, our initial release only allowed you to donate Bitcoin and Ethereum.

We heard you. You want more.

As of today, on daffy.org, you can now donate 126 different crypto tokens to charity*. Why not share some of those $DOGE gains with worthy causes? With Daffy, you can now contribute your crypto to your Daffy fund, get a tax deduction, and donate the proceeds to any of over 1.5 million qualified charities across the country.

Give Crypto to Charity & Save on Taxes

2021 is an amazing year to be generous with crypto. While millions have benefitted from this incredible growth, millions more haven't. Donating crypto can not only be a generous act, it can also be a tremendous tax advantage.

When it comes to donating assets, the IRS has very different rules for assets that have been held short-term vs. long-term. If you have held an investment for less than a year, then the IRS limits your deduction to the fair market value of the asset minus the capital gain. As a result, your deduction is effectively limited to your purchase price.

But, if you have held your crypto for over a year and you have a gain, the benefits of donation are significant. When you donate an investment that you have held more than a year to a qualified public charity, the IRS considers the donation value to be the fair market value of the asset at the time. Not the value you paid for it — the current fair market value. When you donate appreciated crypto, you save money on taxes and the charity receives a larger donation. It’s a true win-win.

You can read more about the benefits of donating crypto on the Daffy Blog.

Better Crypto Portfolios with Coinbase

One of the primary differentiators between Daffy and traditional donor-advised funds like Fidelity, Schwab, and Vanguard is our modern technology platform. By partnering with custodians like Coinbase, we were able to easily add support for any token that Coinbase supports.

When we launched Daffy, we were excited to be one of the first donor-advised funds to offer investment in pure crypto portfolios. We didn’t realize, however, how popular this option would be with our members.

Once you contribute your crypto to Daffy, it is liquidated and invested into your choice of one of nine modern portfolios, including three crypto portfolio options. We’re proud to announce today that we have also improved these portfolios, removing the need for a specific cash allocation. As a result, as much of your contributions as possible are invested in crypto and held safely with Coinbase Institutional.

Now is A Great Time to Give

A big benefit of Daffy is that when you contribute cash, stock, or crypto to your fund, you're able to take an immediate tax deduction for those contributions, invest those assets to increase potential impact, and have time to pick charities to support.

We do not want you to miss this opportunity to make year-end contributions, maximize your 2021 tax deductions, and increase your generosity to charities, so make sure you initiate your crypto wallet transfer ASAP, so it is cleared by the specified blockchain by December 31st (just 10 days away!).

... and if you’re on the hunt for a new gig, we’re always looking for talented people to help us make giving a habit. Join us!

*Crypto currently supported by Daffy (as of 12/21/2021): 1INCH, ATOM, AAVE, ACH, ADA, AGLD, ALCX, AMP, ANKR, API3, ARPA, ASM, AUCTION, AVAX, AXS, BADGER, BAL, BAND, BAT, BCH, BICO, BLZ, BNT, BOND, BTC, BTRST, CGLD, CHZ, CLV, COMP, COTI, COVAL, CRO, CRV, CTSI, CVC, DAI, DASH, DDX, DNT, DOGE, DOT, ENJ, ENS, EOS, ETC, ETH, FARM, FET, FIL, FORTH, FOX, FX, GALA, GODS, GRT, GTC, ICP, IDEX, IMX, JASMY, KEEP, KNC, KRL, LCX, LINK, LOOM, LPT, LRC, LTC, MANA, MASK, MATIC, MCO2, MDT, MIR, MKR, MLN, NKN, NMR, NU, OGN, OMG, ORN, OXT, PAX, PERP, PLA, POLS, POLY, POWR, QNT, RAD, RARI, RBN, REN, REP, REQ, RGT, RLC, RLY, SHIB, SKL, SNX, SPELL, STORJ, SUKU, SUPER, SUSHI, TRAC, TRB, TRIBE, TRU, UMA, UNI, USDT, UST, VGX, WCFG, WLUNA, XLM, XTZ, XYO, YFI, ZEC, ZRX.