The Giving Block, an online platform enabling nonprofit organizations and charities to accept crypto-based donations, has reportedly introduced a new service dedicated to high-net-worth donors.

Specifically, the Giving Block reportedly revealed details of its newly formed alliance with crypto tax startup Taxbit, New York-based accounting firm Friedman LLP, and Ren, to introduce a service, looking to cater to individuals, institutions, and advisors, having goals to bring down their tax exposure when donating crypto. 

Giving Block co-founder Pat Duffy reportedly shared that the Private Client Services brings enhancements to the current donation process, enabling “high-value donors to quickly and securely give large gifts to their favorite charities while reducing their tax bill.”

Per the platform, individuals having an interest in donating large sums of funds in crypto, including “illiquid small-cap and mid-cap cryptocurrencies”, now will have extra freedom to bring down their capital gains tax and potentially amplify deductions when it comes time to report to the IRS.

The Giving Block’s “high-value donors” possess connections with crypto tax experts, accounts, and appraisers, to assist the transaction and subsequent reporting.

With numerous nations already celebrating the holidays at the end of 2021, a lot of individuals have decided to give to charity, apart from gifting friends and family. 

Head of Giving Block, Alex Wilson, reportedly shared his expectations of the platform to possess the sufficient capacity to support over  $100 million in crypto donations for 2021, an over 2,400% raise over $4 million compared to last year.

A few trading platforms have already rolled out the gifting of crypto this holiday season. Digital payments firm Block revealed that users of its subsidiary Cash App could send a minimum of $1 in Bitcoin (BTC) or stock as a gift in the same way they had been sending cash.