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BitGiv advances with tax exempt charity status from the IRS

BitGiv has received 501c (3) status from the IRS and it is the only Bitcoin organization with that awarded status, reported Coin Desk this morning.

Bitcoin Center Offers Classes On The Digital Currency
Bitcoin Center Offers Classes On The Digital Currency
Photo by Andrew Burton/Getty Images

Connie Gallippi, BitGiv executive director, stated that it has been a struggle for Bitcoin to achieve acceptance as a viable crypto currency. This elevation to a non-profit IRS recognized status is hard earned.

Founding donor members of BitGiv include BitPay, Xapo, Roger Ver and Libra Tax. The elite of Bitcoin helped BitGiv work globally in health and environmental issues through bitcoin funding.

To encourage BitGiv and its work Gallippi announced two new initiatives of encouraging donors worldwide through the Founding Donors Campaign and a membership program for individuals.

The goal for BitGiv is that the organization will have a long-term equivalent of a multi-millionaire investment trust in Bitcoin to allow for funding projects. This IRS enhancement to non-profit status will assist its growth as it will not be required to pay for its gains.

Gallippi made a point to say that the BitGiv Foundation is evaluating organizations and providing grants to further the organization’s mission-based work.

Since BitGiv is not large enough at this point to provide large endowments, it has started with an individual project. Gallippi discussed the Water Project in Kenya. She stated, “Now that we’re getting close to meeting our goal we’re finding a place to put the funding. They [The Water Project] basically build new wells for schools or for communities in Kenya and other countries in Sub-Saharan Africa.”

Other bitcoin supporters and campaigners have drawn attention to bitcoin donations. Botswana’s SOS Children’s Villages founded in 1980 for orphaned and abandoned children has been accepting bitcoin through the tireless work of African Alakanani Itireleng. The US Dept. of Labor is affiliated with the organization.

Around the globe, BitGiv made an early effort to raise funds for relief to the children of the Save the Children’s Fund benefiting relief aid after Typhoon Haiyan.