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Bit Foundation Gets Tax Status,Bitcoin Charity Receive Designation

Avatar Jayanand Sagar 5 years ago

The BitGive Foundation has become the first bitcoin charity to receive a 501 (c) (3) non-profit status with the Internal Revenue Service (IRS), according to a Monday morning announcement. The news comes just one year after the formation of the charity.

As part of this major achievement, BitPay, Xapo, LibraTax, Roger Ver, and some others have started a fundraising campaign that will begin today, designed to build long-term funding for charitable giving.

“One of our first goals was to secure our 501 (c) (3) status, which enables BitGive to provide US donors a tax deduction for their donation and provides a number of legal and financial benefits to the organization,” said Connie Gallippi, Executive Director of BitGive. “We are very grateful for the expert legal team we have at Perkins Coie, LLP, who provided pro-bono services to establish the Foundation and apply for this tax exempt designation.”

According to Gallippi, the organization can now focus on establishing a multi-million dollar investment fund that will provide “sustainable support” for the charity, in addition to making financial contributions that will improve public health and the worldwide environment.

The initiative is called the Founding Donors Campaign and Membership Program.

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The BitGive Foundation is currently partnering up with The Water Project in order to raise $10,000 in bitcoin to provide clean water to African communities.

So far, they have reached 75 percent of that goal.

The BitGive Foundation also previously raised nearly $5,000 for the Save the Children for Philippines Typhoon Haiyan Children’s Relief Fund.

For more information the on the Foundation, follow this link.

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