Endaoment announced the launch of the second iteration of its fundraising protocol, introducing a variety of new features and systemic changes to further advance the organization’s mission of connecting millions of 501(c)(3) nonprofit organizations to cryptocurrency donors and the growing decentralized finance (DeFi) community.
Amongst these new changes is an on-chain investment mechanism for idle donated capital. Endaoment donors will now be able to advise on a selection of investment options for idle money in donor-advised funds (DAFs) to accrue residual value, similar to investment options at traditional DAF providers, but crypto-focused on the Ethereum blockchain.
Through this new portfolio functionality, crypto donors can easily deploy charitably contributed capital sitting in Endaoment DAFs to grow in value. Instead of investing in traditional vehicles like ETFs, bonds, and money markets, Endaoment is enabling donors to utilize its new smart contracts to allocate funds into board-approved, risk-adjusted options across the Ethereum blockchain.
“As we build Endaoment, serving our community is at the forefront of our work. This update is a direct response to the two most common requests we’ve received from our users over the past year,” said Robbie Heeger, president and CEO of Endaoment. “Donors have asked for a way to invest idle assets sitting in their portfolios, and developers have asked for a way to incorporate nonprofit donation addresses into their projects. We’re thrilled to be the first platform to offer our users each of these services.”
Additionally, the platform update will introduce new and improved comprehensive smart contract infrastructure, a multi-signature wallet powered oversight system, and a revamped legal entity architecture to continue to transition Endaoment into the world’s first DAO-powered 501(c)(3) organization.
Endaoment.org seeks to revolutionize the way that organizations, institutions, and entities can utilize smart contracts for charity through updated transparency measures like visible (and fully composable) contract addresses. Endaoment will allow any developer to use any of the deployed organization’s contract addresses when making new financial products and operations to facilitate progressive donations and giving to social causes nationwide. Put simply, these addresses can be plugged into any DeFi product or vehicle, creating an easy charitable pathway for use by any DeFi user.
Endaoment.Org provides more than 1.5 million organizations with zero-cost infrastructure to process donations of more than 1,000 different cryptocurrencies. The scope of Endaoment’s reach continues to introduce the philanthropic community to the world of crypto, while nurturing a new cohort of philanthropists on a scale that demonstrates the gaps left by legacy philanthropic institutions yet to adopt the new technology.
Endaoment launched in October 2020 to create a decentralized philanthropic institution that manages and encourages the charitable giving of cryptocurrencies, which now have a combined market capitalization of more than $1 trillion. As the first 501(c)(3) built entirely on the Ethereum blockchain, Endaoment leverages smart contract technology to facilitate efficient, transparent, tax-deductible donations of more than 1000 cryptocurrencies and other digital assets like NFTs to any compliant US nonprofit.
Endaoment issued over $49 million to over 880 different organizations, demonstrating the efficiency and transparency of its smart contract-powered giving platform. Notable grantees include but are not limited to: Committee to Protect Journalists, Carbonfund.Org Foundation, Cancer Research Institute, Asperger/Autism Network, Jane Goodall Institute for Wildlife Research Education & Conservation, and Asian Americans United. Currently, Endaoment has six active Public Community Funds which support a wide range of causes, including climate justice, journalistic integrity, the Black LBGTQ+ community, and the Asian American and Pacific Islander (AAPI) community.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of NonProfit PRO.