Endaoment Platform Becomes First to Offer Composable Smart Contracts for Nonprofits and Crypto-Native Portfolio Allocations for DAFs
· 3 min read · Endaoment
The first-of-their-kind features enable donated asset investment and direct wallet integrations from Endaoment’s platform. A full press release about this upgrade, published on October 6, 2022, appears below.
SAN FRANCISCO — October 6, 2022 — Blockchain-based nonprofit Endaoment has announced the launch of a major upgrade to its platform, which connects millions of qualified 501(c)(3) nonprofit organizations to cryptocurrency donors. With the launch of the second version of its protocol, Endaoment becomes the first and only platform to offer fully composable smart contract addresses for nonprofits and crypto-native portfolio allocations for investing idle assets contributed to donor-advised funds.
This second iteration of Endaoment’s smart contract protocol and web application maintains all the features available in today for Endaoment users: Donor-Advised Funds (DAFs) and Community Funds, which task donors or communities, respectively, with recommending grants to their choice of over 1.5 million qualified organizations, as well as direct donations to those organizations. Today’s release adds two key features: crypto-native investment allocation options for donated capital and composable smart contact addresses for developers to integrate on-chain nonprofit impact into crypto projects.
Endaoment’s crypto-native portfolio allocations enable the platform’s donor-advised funds (DAFs) to behave more like traditional giving accounts. Whereas donated assets previously sat idle as USDC until they were donated, those assets can now be invested while the donor considers which organizations to recommend sending the funds to. The update makes Endaoment the only DAF platform where donors can commit their digital assets to grow with the crypto market in a completely on-chain fashion before allocating donations via grant recommendations.
The improved protocol also now supports 100% composable smart contacts for nonprofits and funds. This change is designed to allow developers to incorporate any smart contract address from the Endaoment ecosystem directly into the programs they design. Whereas users could previously only donate to nonprofits and Endaoment community funds through the Endaoment UI, developers can now create new avenues for donations in their own applications and platforms, which Endaoment processes in the background. Endaoment is currently the only platform to offer composable smart contracts for any 501(c)(3) nonprofit that is in good standing with the IRS—a feature that is completely free to nonprofits and makes onboarding to crypto easier than ever before.
“As we build Endaoment, serving our community is at the forefront of our work. The V2 update is a direct response to the two most common requests we’ve received from our users over the past year,” said Robbie Heeger, President and CEO of Endaoment. “Donors have asked for a way to invest idle assets sitting in their portfolios, and developers have asked for a way to incorporate nonprofit donation addresses into their projects. We’re thrilled to be the first platform to offer our users each of these services.”
Endaoment.Org’s first-of-its-kind donation platform is powered by the software development efforts of Endaoment.Tech. The Delaware-based technology company, founded in 2019, develops the blockchain-based protocols and web interfaces necessary to offer native, tax-compliant planned giving and wealth management services for those who hold digital assets.
The Endaoment ecosystem will continue its decentralization journey this year; Endaoment.Org will become 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. More information on the launch of Endaoment’s DAO will be shared later this fall.
About Endaoment.Org
Endaoment.Org is the first on-chain 501(c)(3) public charity, established with the mission of managing and encouraging the charitable contributions of digital assets. Federally tax-exempt under Internal Revenue Code section 501(c)(3), Endaoment is built to facilitate tax-deductible donations of more than 1,000 cryptocurrencies to any nonprofit in the United States, providing philanthropic financial services to the blockchain community and introducing nonprofit organizations to the benefits of blockchain technology. Donors can give through Endaoment using its Donor-Advised Funds, Community Funds, and Direct Donations, all of which charge industry-low fees to maximize throughput to recipient organizations. For more information on how to give and receive donations via Endaoment, as well as details on its ongoing efforts to become a DAO, visit https://endaoment.org/.
About Endaoment.Tech
Endaoment.Tech builds the Endaoment protocol and web interfaces for use by real-world administrators providing Philanthropic, Planned Giving, and Wealth Management services. The Endaoment protocol is aimed at balancing regulatory requirements with decentralization by using token-powered governance to oversee our real-world entity administrators. Together, our software and service entities create a full-featured asset management institution for crypto investors that doesn't compromise on core values held by the crypto community.
