Fidelity Charitable which is the charity arm of this shared fund giant, raised $28 million in cryptocurrency donations in 2020, a lot more than double the total amount raised the season that is past.
Fidelity Charitable’s “2021 Giving Report,” released Wednesday, reveals crypto donations still comprise a fraction that is small of $1.6 billion in alleged “non-publicly exchanged assets” amassed during 2020.
The 2020 crypto totals beat 2019’s tally of $13 million but fell in short supply of 2018’s $30 million and well underneath the record $69 million haul Fidelity Charitable earned in 2017.
Fidelity touts its crypto system that is giving a tax workaround allowing crypto holders to put their coins – mostly bitcoin (BTC, -1.45%) – to good usage without incurring capital gains.
The supply that is charitable $9.1 billion in funds this past year, accepted contributions from over 250,000 donors and reported a 6% boost in grant size year-over-year, regardless of the pandemic.