Endaoment, a nonprofit community foundation that has developed software to enable cryptocurrency holders to convert their crypto into USD grants for charities, announced a new partnership with the San Francisco-based Jewish Community Federation and Endowment Fund. Together, they have successfully demonstrated how Endaoment’s pioneering Donor-Advised Fund (DAF) management technology can lower operational costs and drive new capital into the world of philanthropy.
Endaoment’s web application recreates the conditions of a DAF using digital “smart contracts” housed on the popular Ethereum blockchain. Endaoment’s DAF is now one of the lowest-cost, lowest minimum donation Donor-Advised Fund in the country.
How Endaoment works:
- Donors provide basic info about themselves and Endaoment creates a custom on-chain donor-advised fund in seconds.
- Donors contribute cryptocurrency tokens to their fund and Endaoment converts them into dollars.
- Donors use the proceeds from their donations to make grant recommendations to nearly any nonprofit organization in the United States.
One of the Federation’s strategic goals is to “promote more and better Jewish philanthropy,” which is philanthropy guided by the Jewish values of building community (kehillah), giving with just intention (tzedakah), pursuing justice (tzedek), and healing the world (tikkun olam). They seek to bring philanthropists and organizations together to create innovative ways to use philanthropic capital for more good.
The Federation partnered with Endaoment to help achieve this goal in a way that benefits the entire philanthropic sector – helping more DAFs be able to accept donations of cryptocurrency from DAF holders so that more assets are available for giving and for making a difference.