In 2020, Fidelity Charitable received $28 million in cryptocurrency

Over the past year, the amount of donations in digital assets to Fidelity Investments’ charitable arm amounted to $28 million. This is stated in the report.

The fund received $15 million more than in 2019, when the amount of cryptocurrency contributions reached $13 million.

Noncash assets accounted for two-thirds of donations. Cash accounted for just 32% of contributions.

Representatives of Fidelity Charitable reminded that cryptocurrency transfers to U.S. nonprofit organizations are treated as stock donations and are not taxed.

In December 2020, the Salvation Army began accepting donations in Bitcoin and Ethereum via the Engiven platform.

In January 2021, the nonprofit American Cancer Society launched a cryptocurrency fund to fight cancer.

In February, the children’s charity Songs of Love created the Billy Bitcoin superhero to boost interest in donations of digital assets.

Fidelity Charitable began operations in 2015 and since then has raised almost $150 million in cryptocurrency.

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