Crypto

Cryptocurrency donations to fight cancer

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The Toulouse Cancer Santé Foundation joins forces with the cryptoDePhi platform to launch an innovative project. The Foundation opens its donations in cryptocurrency.

The Toulouse Cancer Santé Foundation has just completed its second week of collaboration with cryptoDePhi, a cryptocurrency donation platform. This concept, imported directly from the United States, is born in France through the platform.

For David Klayman, one of the founders, even if the cryptocurrency is little used in France on a daily basis, it should develop in the coming years. This avant-garde aspect prompted Gerald du Crest, Director of Development of the Foundation, to contact the two partners. “The idea is to fit into the landscape,” he explains.

Gérald du Crest says that some donors have chosen to donate via cryptocurrencies. “It takes time for these types of donations to become known,” he recalls before continuing. “We don’t know if this initiative will work, that’s the whole point.”

CryptoDePhi, in its press release, builds on the Giving Block’s annual report that US cryptocurrency donations would increase from $4.2M in 2020 to nearly $70M in 2021. “In France, 10% of the population uses cryptocurrency,” explains David Klayman, who believes in the spread of this currency in France.

New target attracted by tax advantage

“Cryptocurrency donations will not revolutionize philanthropy, but in a few years they could be a significant part of it,” says David Klyman. According to him, the cryptocurrency world is generous and has ingrained exchange values.

“We didn’t have a channel targeted at young donors,” says Gérald du Crest, adding that both individuals and companies are concerned.

To lure these new donors, tax breaks. “If you made money with cryptocurrencies and want to convert it to euros, you will have to pay tax on the capital gains received,” emphasizes David Klyman. “Donating directly in crypto avoids this tax, and the donor still receives the usual tax refunds,” he emphasizes.

The foundation pays no taxes and cryptoDePhi takes a tiny fee for the donation because they are the ones who take care of resolving, receiving and converting the donation into euros before the value of the cryptocurrency changes. Recall that currently one bitcoin will be equivalent to more than 37,000 euros.

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