Fidelity’s charity unit, Fidelity Charitable, has revealed it received over $100 million in cryptocurrency donations since it started accepting them in 2015.
According to the firm’s annual report, it has received a total of $106 million worth of cryptocurrencies, even though the number of crypto donations received has been dropping year over year.
The figures, in fact, show that in 2017 it received over $69 million worth of cryptocurrencies, and in 2018 it received $30 million. A company representative was quoted as saying:
We see cryptocurrency donations rise along with increases in the value of cryptocurrencies in the marketplace.
Amy Pirozzolo, Fidelity charitable’ s marketing head, noted that as cryptocurrencies are facing a downturn enthusiasts are less likely going to hand over their crypto. Per Pirozzolo investors who donate proceeds from investments don’t have to pay capital gains tax on them, and can write them off as donations against the income they have.
Fidelity Charitable reportedly encourages investors to offload their most depreciated assets first so they can both donate to charity and take advantage of tax benefits. Fidelity Charitable has recently added XRP to the list of cryptos it accepts donations in, which already consisted of BTC, ETH, BCH, and LTC.