Fidelity Charitable Surpasses $100 Million in Cryptocurrency Donations
Fidelity Charitable, the humanitarian division of financial services company Fidelity Investments, has crossed the $100 million threshold in donations via cryptocurrencies.
The revelation was made in its annual report, which showed crypto donations totalling about $106 million since 2015, when this asset class was added as a donation option. The charitable organization accepts donations in litecoin, ether and bitcoin cash, but has received the majority of its cryptocurrency donations in bitcoin. It has also recently announced that it will accept XRP donations.
According to the report, cryptocurrency donations appear closely tied with the overall health of the market. In 2017, when the cryptocurrency market experienced its biggest boom, crypto assets represented the fastest growing asset class for the firm’s donations, with over $69 million coming in. Donations took a nosedive in 2018 due to the prolonged “crypto winter,” with just $30 million received from donors.
Fidelity Charitable’s progress with bitcoin donations is just one way in which the parent company is embracing cryptocurrency. Fidelity Digital Assets, its cryptocurrency investment arm, went live at the beginning of 2019. And, most recently, Fidelity was reportedly beaten by Coinbase in its bid to acquire Xapo’s bitcoin custody business.