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.
source link : https://cointelegraph.com/news/funding-surpasses-2-million-for-this-charity-dao
