Fidelity Charitable said it in its latest report that since 2015, it has received more than $100 million in donations from cryptocurrency. It is Fidelity’s charity arm. Fidelity Charitable Received Crypto Donations Over 100 Million USD.
According to the company’s annual report, Fidelity Charitable has received more than $106 million in cryptocurrencies since it started accepting this type of donation; but the number of crypto donations has fallen over the years.
As per the annual report, with more than $69 million in donations in 2017, cryptocurrencies represented the fastest-growing asset type accepted by the company. The amount decreased to $30 million in 2018.
“Fidelity Charitable’s ability to accept cryptocurrency donations, including bitcoin, allowed these donors to eliminate any capital gains taxes and give the full fair market value to a charity,” the firm stated in the report.
Fidelity Charitable Received Crypto Donations Over 100 Million USD. The company also officially announced that it would accept the digital asset, XRP. The business said it would take donations in XRP on Twitter back in May.
“Recent contributions from non-publicly traded assets crossed a fresh all-time limit with more than $1 billion in investments such as private stock, limited partnership interest, real estate or cryptocurrency,” the company said in the report.
“The in-house experience of Fidelity Charitable helps to facilitate these complicated donations, rapidly transforming complex assets into cash for granting.”