Endaoment Celebrates $50 Million in Donations
· 2 min read · Endaoment
On Nov 29, 2022 (Giving Tuesday), Endaoment surpassed $50 million in lifetime donations, and published the following press release. Thank you to everyone who has donated over the past two years! We wouldn’t be here without your generosity.
NATIONWIDE — Today, blockchain-based nonprofit Endaoment surpassed $50 million USD in total donations, an achievement that reflects the rapid and sustained growth of cryptocurrency-based philanthropy despite challenging market conditions. $29.5 million of those donations to Donor-Advised Funds (DAFs) and Community Funds created on Endaoment’s platform have been distributed to support more than 400 different nonprofit organizations and charitable causes across the U.S. and abroad.
Endaoment launched in October 2020 with the mission of creating a decentralized philanthropic institution to manage and encourage the charitable giving of cryptocurrencies. As the first 501(c)(3) built entirely on the Ethereum blockchain, Endaoment leverages blockchain technology to facilitate efficient, transparent, tax-deductible donations of more than 1,000 cryptocurrencies and other digital assets like NFTs to registered nonprofits across the United States.
Endaoment’s donors give through either DAFs or Community Funds, which task donors or communities, respectively, with recommending grants to their choice of over 1.5 million qualified organizations. Since its launch, Endaoment has granted out approximately 59% of donated funds – over $29.5 million – a huge percentage compared with traditional DAFs, which typically only grant out 23% of their balance annually. In 2022 alone, Endaoment raised over $21 million in donations alone while also support donor funds were dedicated to organizations like Women for Afghanistan, Stand With Asians, Protect Reproductive Rights Fund, and the Support Ukrainian Sovereignty Fund.
“Surpassing the $50 million mark is yet another clear sign of the momentum that has grown behind crypto philanthropy,” said Endaoment President & CEO Robbie Heeger. “Our team, which worked tirelessly to get here, sees this as an important milestone on our mission to provide the crypto community with a full-featured Community Foundation built on this incredible new technology.”
An important part of Endaoment’s contribution to the philanthropy space are its efforts to bridge the gap between the decentralized finance and charitable organizations through community engagement and technological innovation. Earlier this year, Endaoment launched its V2 update – which offered the practical potential to connect millions of dollars in untapped cryptocurrency to nonprofits, charities, and social causes alike. Amongst these new changes is a new, first-of-its-kind on-chain growth feature which enables Endaoment donors to advise investments of idle money in DAFs to accrue residual value, similar to investment options at traditional DAF providers, but primarily through crypto-focused portfolios.
Recent events in cryptocurrency markets, including the crash of FTX, have underscored the importance Endaoment’s decentralized structure, which ensures enhanced transparency and accountability that is at times lacking in centralized philanthropic and financial ecosystems. In 2023, Endaoment will continue to make strides in decentralization by making Endaoment.Org the first U.S. Public Charity to have its board oversight powered by token-gated governance. Endaoment.Tech has completed a security audit of its V2 smart contract protocol, whereby it will be able to hand over board oversight to community members based on their advancement of the Endaoment mission across the world.
