Donating crypto on EA Funds: more coins, low fees

post by SamDeere · 2021-11-22T17:02:55.898Z · EA · GW · 5 comments

Effective Altruism Funds has recently implemented self-service cryptocurrency donations. This means that we now accept crypto donations of (almost) any size. If you’ve done well out of the recent crypto boom and you’d like to donate some of the proceeds, then EA Funds might be the easiest (and lowest-cost) place to donate crypto effectively.

To donate, just head to the regular EA Funds donation page, and then choose Donate with crypto on the payment page:

Some key features:

To our knowledge, there is no other crypto donation website that supports EA-aligned charities with such a low-cost and feature-rich offering.

EA Funds has significant experience with crypto – we started taking crypto during the 2017 crypto boom, and have since processed over $17 million in crypto donations. 

In many jurisdictions, donating appreciated cryptocurrency can be more tax-advantaged than liquidating the crypto yourself and then donating fiat currency, as you’ll generally avoid paying capital gains tax on an appreciated asset that has been donated.

Our previous process for taking crypto donations was fairly manual, so we restricted it to larger donors. Now, anyone donating more than the equivalent of 10 USD/EUR/GBP can make a donation (whether such a small donation is worth it will depend on the relevant network fee, which is paid by the donor). We can accept donations up to any size, but if you’d like to donate more than $500,000 equivalent (or more than $100,000 in a less-liquid altcoin) please get in touch with funds.crypto@effectivealtruism.org first.

If you’d like to donate a token that exists on multiple blockchains, we currently only support token donations using ERC20 (Ethereum Mainnet), so make sure you set your wallet or exchange transfer page accordingly.

More detail on donating crypto is available in the EA Funds help center.


 

5 comments

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comment by Samuel Shadrach · 2021-11-22T21:31:06.494Z · EA(p) · GW(p)

Could you add if you accept anonymous deposits? Or deposits from smart contracts (such as DAOs)?
 

Update: I've made it a separate post [EA · GW] because I think it'll be a strong determinant to how much funding you receive this way. Keeping crypto addresses anonymous is valued very highly by many for both ideological and practical reasons.

Replies from: SamDeere
comment by SamDeere · 2021-11-23T11:52:29.069Z · EA(p) · GW(p)

We currently only require an email address to make deposits under $500k (so if you have an email address that doesn't identify you then this would get you most of the way there). With larger donations we'd likely need to collect more information for KYC purposes. 

The system as described above isn't really set up to take deposits from smart contracts. The main issue is that EA Funds doesn't  take 'unrestricted' funding (as a normal charity would), and in order for us to allocate the donation correctly, we need a matching payment record from the donor (which you create when you go through the donation flow on the website) that tells us where the money should go. However, for one-off smart contract donations valued at >$10,000 we can probably work something out. Feel free to message crypto@effectivealtruism.org if you'd like to discuss further.

Replies from: Samuel Shadrach, Samuel Shadrach
comment by Samuel Shadrach · 2021-11-24T20:37:21.170Z · EA(p) · GW(p)

Update: I've written the email.

The Giving Block seems to support the features I am looking for, I would be keen to know your opinion on them.

comment by Samuel Shadrach · 2021-11-23T13:51:51.481Z · EA(p) · GW(p)

Happy to take this conversation further on email

comment by HenryStanley · 2021-11-24T13:58:07.068Z · EA(p) · GW(p)

Fantastic work!