For the Robinhood customer base this is fantastic because now they have the ability to actually donate some of those gains, some of those assets," CEO and co-founder of Daffy Adam Nash told Fortune. "And then for charities, now they benefit because that money can flow to them.
I think from a security perspective, Robinhood customers are going to appreciate using Robinhood in that form, because that means they get the experience they expect and they pick the crypto that they want to donate.
By donating crypto held for over one year, users avoid capital gains tax and can deduct up to a 30% of its value from their annual income.
Daffy has already facilitated the donation of over $25 million in crypto to charities throughout the country. With Robinhood's $14.4 billion of crypto under custody, the platform's native users will be able to access Daffy using the interface that they are familiar with.
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