Daffy has made significant strides in the world of crypto donations. Initially, when Daffy was launched, it was the first donor-advised fund (DAF) in the App Store with the ability to both contribute and invest in crypto. However, the initial limitation was that it only allowed donations in Bitcoin and Ethereum.
Listening to the needs of its users, Daffy expanded its offerings. As of now, Daffy allows donations in 126 different crypto tokens. This means you can share your gains from a wide variety of cryptocurrencies with worthy causes.
Daffy is not just a platform for crypto donations, it's a comprehensive solution for charitable giving. It allows you to contribute your crypto to your Daffy fund, get a tax deduction, and donate the proceeds to any of over 1.5 million qualified charities across the country.
Moreover, Daffy makes it easy for donors to automate their giving by helping them set up recurring donations to their favorite charities. This feature helps donors spread out a larger donation over the course of the year and ensures that donors don’t forget to give to your organization regularly.
Most DAF donations are unrestricted grants, meaning that charities–not donors–get to decide how to best use the funds in service of their mission. Daffy's default message on donations is that the funds be used “where needed most.”
In addition to these benefits, DAF donations do not require charities to submit applications or produce periodic grant reports. This makes it easy for donors to give and easy for charities to receive important funds.
In conclusion, Daffy is a great option for a DAF. It's a platform that is continuously evolving to meet the needs of its users, and it's committed to making charitable giving easy, efficient, and impactful.
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.