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RFG Releases Guide to Cryptocurrency Donation and Liquidity Service Providers

August 8, 2018

In partnership with DMS Governance, RFG has produced an illustrative chart of service providers seeking to assist charitable organizations in the receipt of cryptocurrency donations. The chart includes a detailed list of crypto asset service providers and liquidity providers who have indicated an interest in helping charitable organizations to accept, as well as to monetize, donations of cryptocurrencies. The document will continue to be updated on a periodic basis.

Concurrently with the release of the service provider guide, RFG has released to its consortium members a white paper that discusses selected accounting, tax, regulatory, contractual and policy considerations that arise for a charity and donor when contemplating a gift of Bitcoin, Ethereum Ripple, Bitcoin cash, and Litecoin (the top five cryptocurrencies by USD market cap). This white paper is the first of two highly anticipated white papers involving crypto assets that RFG has developed this year at the request of its endowment consortium. The second white paper will address a broader scope of crypto investment issues in further detail and will be available to clients in the near future.

Deborah Prutzman, RFG’s CEO, notes that “Large U.S. charities that are members of the RFG endowment consortium have shown an increasing interest in the acceptance of crypto donations over the past year. Still, a key impediment has been difficulties in obtaining quality service providers. This chart will assist charitable organizations as they seek to expand their donation base by simplifying the process of identifying potential service providers and—most importantly—in many instances providing contact information for a service representative who is focused on the endowment space.”

John D’Agostino, Global Leader, Investor engagement of DMS Governance, who assisted in the production of the white papers, notes, “Despite their volatility and regulatory uncertainty, these assets have built and will likely maintain significant economic value, some percentage of which will circulate via philanthropy. It’s crucial that non-profit institutions understand how to work with these assets so this value can accrete to these good causes in an efficient and compliant manner.”  

To request a copy of the chart, request that your organization be added to the chart, or with any additional inquiries, email Information@RegFG.com.

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