Multiple parties added capital to Endaoment, which aims to turn its ecosystem into a decentralized autonomous organization for donations — a charity for the people.
Opportunities for cryptocurrency usage have risen over the years as digital assets have become more well known. One operation, called Endaoment, is aiming to put charitable giving in the hands of the people and recently secured over $2 million to further its endeavor.
“Endaoment facilitates tax-deductible giving of cryptocurrencies via its Donor-Advised Funds, a kind of charitable financial account, where donors give assets to charity, and later recommend distributions to non-profit organizations,” said a Wednesday public statement provided to Cointelegraph. “Endaoment also offers Community Funds, a pooled giving opportunity where grants are made around specific issue areas and identified by the community.” Endaoment hosts compatibility for a large number of digital assets.
This is not the first instance in which crypto-based donations have surfaced as a topic in the industry. The Giving Block has taken a number of strides to facilitate donations via crypto 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 run by the public in a democratic fashion in line with programmed rules and guidelines. Endaoment’s donor fund systems run on Ethereum’s blockchain, the statement also notes.
A number of entities donated and invested a total of $2.5 million into Endaoment as part of a seed funding round, the statement included. The capital will assist in moving toward the DAO set up.
“This capital enables us to launch the DAO that is our namesake; the first DAO to power an on-chain philanthropic institution without compromising on regulatory compliance,” Robbie Heeger, Endaoment’s CEO and president, said in the statement.