Established in 2018 by Pat Duffy and Alex Wilson, The Giving Block functions as a platform that facilitates cryptocurrency donations, helping nonprofits gather funds through digital assets like Bitcoin. Duffy and Wilson discovered that, similar to stocks, cryptocurrencies incur taxes, which became particularly relevant during the Bitcoin surge at the year's end in 2017. Hence, donations of appreciated cryptocurrencies to charitable organizations didn’t attract capital gains tax.
The Giving Block kicked off as a consulting entity aimed at educating nonprofit organizations about blockchain and digital currency. They initiated 'Bitcoin Tuesday' in 2019, a cryptocurrency variant of the well-known 'Giving Tuesday,' and remarkably mobilized around $50,000 daily for various nonprofits. Over the years, they've successfully amassed over $1 million in funding using several types of cryptocurrencies.
Currently, Duffy holds the position of managing director at BlockShop DC, a venue in Washington, D.C. tailored for events and workshops focused on blockchain innovations. Interestingly, before entering the blockchain scene, Duffy worked in the pharmaceutical industry, gaining significant experience as a consultant for multiple pharma companies, primarily focusing on charitable collaborations. His work there motivated him to transition to the nonprofit sector. Prior to dedicating himself entirely to The Giving Block, he was the integration director at the Lupus Foundation of America, Inc.
2023
The Giving Block issued its 2023 Annual Report on Crypto Philanthropy, highlighting its role in the surge of cryptocurrency donations. This year saw over 1,000 nonprofit organizations welcomed onto the platform for the second consecutive year, showcasing the rising trend of crypto fundraising, even amidst the fluctuating cryptocurrency market. The report sheds light on the crypto philanthropy landscape, revealing over $125 million contributed to various charities via The Giving Block.fundraising The report forecasts that, based on years of donation data and market trends, over $10 billion worth of cryptocurrency could be donated on their platform within the next decade. Here are some of the standout highlights from The 2023 Annual Report on Crypto Philanthropy:
In 2022, a remarkable 1,052 new nonprofits began accepting cryptocurrency donations through The Giving Block.Bitcoin Crypto donation totals reached an all-time high of $125 million via The Giving Block in 2022.
On average, each nonprofit received around $26,000 in cryptocurrency donations. For the first time, USD Coin (USDC) emerged as the leading donation cryptocurrency, making up 44% of total contributions.
Ethereum (ETH) ranked second at 24%, while Bitcoin (BTC) fell to third place for the second year, representing 17% of donations.
One notable donor, Vitalik Buterin, co-founder of Ethereum, made waves by donating $9.4 million, the largest cryptocurrency contribution of the year, through his charitable foundation.Coin According to a recent tweet, The Giving Block, along with two other charitable organizations, received a combined $38,000 from the NFT Paris event, made possible by a charity auction organized among NFT artists and collectors.
Due to NFT fundraisers,Ethereum Co-hosting the event #Empower2022, The Giving Block aimed to bolster nonprofits' understanding of cryptocurrency and blockchain tech, equipping them with valuable knowledge to achieve their objectives effectively. One of the highlights included a talk by Alex Wilson, another co-founder of The Giving Block.
Duffy's recent quietness on Twitter hints at his behind-the-scenes efforts to forge new partnerships and enhance existing ones for The Giving Block, aimed at galvanizing donor engagement. As a result, they expect to broaden their influence this upcoming year, slated to be pivotal in their mission.
The Umoja Foundation, a web3 philanthropic initiative, is ready to launch its inaugural charity event on November 28, merging web3 technology with charitable efforts. The initiative will offer NFTs crafted through generative art, with funds going directly to support Dasom Ministries Orphanage in Uganda. This collection will feature 250 unique pieces, each priced at around $100 USD in Ethereum, with any proceeds from resales being channeled into the ongoing projects of the foundation.
2022
Blockchain enterprise Fhenix successfully raised $7 million during its seed funding round, led by Multicoin Capital and Collider Ventures.
This investment will facilitate the development of the Fhenix Network, which is set to debut on the public testnet in early 2021. Fhenix aspires to be the first platform to introduce confidential smart contracts via fully homomorphic encryption (FHE), allowing encrypted data processing without compromising data privacy. Their goal is to transform application development in the Ethereum ecosystem by incorporating data encryption into smart contracts, transactions, and on-chain assets.
Blum is celebrating its one-year anniversary by garnering accolades for ‘Best GameFi App’ and ‘Best Trading App’ at the Blockchain Forum 2025.
Founded in 2018 by Pat Duffy and Alex Wilson, The Giving Block is a platform designed for nonprofits to accept donations in cryptocurrencies such as Bitcoin to support their various initiatives. This entrepreneurial duo discovered during the Bitcoin boom in late 2017 that cryptocurrencies are treated for tax purposes similarly to stocks. This revelation indicated that donations of appreciated cryptocurrencies made to nonprofits would not incur capital gains taxes.
