October 14, 2021—GVNG, a financial product and technology platform that empowers citizen philanthropists, and Engiven, a leading cryptocurrency donation platform, have partnered to make it easy for GVNG users to contribute cryptocurrency to their GVNG Wallets, providing a tax-smart path to donate to more than 1.6 million U.S. nonprofits and many international NGOs.
“GVNG is one of the few personal charity accounts or donor-advised funds (DAF) with the ability to accept cryptocurrency,” said Kyle C. Murphy, CEO of GVNG Technology, the technology arm of GVNG. “The trend we’re seeing is that both established crypto investors and the next generation of philanthropists want the ability to give to their favorite causes using a variety of currencies and investments. Our partnership with Engiven makes donating crypto seamless for GVNG users. Both our organizations want to simplify giving, providing the tools people need to support the causes that matter to them.”
Users of the GVNG Wallet contribute funds, assets and crypto to their account, getting an immediate tax benefit. Then, over time, they can donate the funds to any U.S. charity, directly in the app. With the integration of Engiven, cryptocurrency donations are converted to U.S. dollars instantly and then added to user’s GVNG Wallet. When users contribute stock or crypto to their GVNG Wallet, they get full credit for the value of the asset when it is donated, and they don’t have to pay taxes on the capital gain.
“From the beginning, we’ve dreamed of making it possible for any charity to receive cryptocurrency donations, and this new partnership makes this vision a reality,” said James Lawrence, CEO and co-founder of Engiven. “More than 20 million Americans own some form of crypto. Many of these donors have incredible gains, and now they are empowered to use those gains for good.”
This integration is the first of many possible joint projects for GVNG and Engiven. As crypto becomes more intertwined with individuals’ financial picture, making sure they have tax beneficial ways to leverage crypto for good is key.
GVNG is as much a philosophy as a financial product and technology platform–it is designed to increase giving by empowering the citizen philanthropist in everyone. The GVNG Wallet provides the power of a charitable foundation in a simple-to-use app. Like a 401k for giving, individuals, companies, and other organizations can contribute funds, crypto, stocks, and bonds and get a tax benefit immediately, while providing a seamless path to donate to more than 1.6 million charities over time. Unique to GVNG, users can amplify their impact by running their own tax-deductible crowdfunding campaigns to support their favorite charitable causes. GVNG is integrated with payroll and banks to ensure giving is always part of the overall financial wellness picture. GVNG provides a unified picture of impact over time with a single tax receipt at the end of the year. The GVNG Wallet is administered by GVNGorg, a 501(c)(3) tax-exempt organization (a California nonprofit public benefit corporation) and powered by GVNG Technology, Inc.
Learn more at www.gvng.org.
Engiven is a leading cryptocurrency donation management platform providing an end-to-end giving solution benefiting nonprofits and their donors. For more information about Engiven, visit engiven.com.