Higher Ground Labs has invested in Endaoment, a platform designed to make the process of donating cryptocurrencies to nonprofits seamless for all involved. As cryptocurrency adoption increases across the United States, Endaoment is building the infrastructure to create a lasting culture of philanthropy within this growing space.
Endaoment offers crypto donors industry low (1.5%) fees on all donations, as compared to an average of 5% across other platforms. Endaoment empowers individuals to either donate directly to their nonprofit(s) of choice or create their own decentralized Donor-Advised Funds that allow communities to efficiently and safely raise and deploy capital to critical institutions and causes. By making crypto donations accessible, Endaoment helps donors both give in a tax-advantageous manner and avoid converting gains to U.S. dollars ahead of a contribution.
Endaoment also simplifies the process of accepting crypto donations for nonprofits. These institutions do not need any pre-existing knowledge of crypto or any Web3 infrastructure to participate. All they have to do is “claim their profile,” a right reserved for IRS-compliant U.S. 501(c)(3)s that meet rigorous ethical standards. Then, once funds have been donated, Endaoment quickly converts crypto to U.S. dollars, thanks to its partnership with Circle Financial, and sends the money off to nonprofits via a wire transfer.
In addition to direct individual-to-organization contributions, Endaoment also frequently launches and promotes Community Funds which allow donors to give to umbrella causes (Ex: combating climate change). Then, Endaoment disburses pooled funds to a variety of mission-aligned organizations on the platform.
To date, Endaoment has raised $42.5m worth of donations on its platform. Endaoment’s range of accessible, low-cost philanthropic-focused financial services, coupled with its mission to inspire crypto donors to give, positions the platform well to both foster a new generation of donors while increasing the total size of the pie for nonprofits.
“As more Americans begin to hold cryptocurrencies, we are thrilled to partner with Endaoment to make it seamless for crypto donors to give and for nonprofits to take advantage of this new stream of funds,” said Betsy Hoover, Co-Founder and Managing Partner at Higher Ground Labs. “In the past month alone, Endaoment has met the moment by launching community funds to support efforts to end gun violence and protect reproductive rights. This is only the beginning, and we are excited to collaborate on ways to help nonprofits expand their donor universe and remain ahead of the curve.”
“We’re thrilled to secure growth capital from so many revered names within the wide range of disciplines Endaoment strikes a balance between,” said Endaoment.Tech CEO, Robbie Heeger. “These funds enable Endaoment.Org to continue providing world-class cryptocurrency donation options and Endaoment.Tech to push the functionality and capability of our protocol and its assets. Higher Ground Labs brings a unique perspective to the challenges we’re embarking on, and their technical expertise across both civic and political engagement will be a huge resource for our team.”
Higher Ground Labs has invested in over 60 political technology startups and deployed over $50 million across three funds since 2017.
Learn more at highergroundlabs.com and follow us on Twitter.
