Blockchain-based nonprofit organization Endaoment has raised more than $7 million for charities in its first year of operations, marking another major milestone for the rapidly growing cryptocurrency donations industry.
Endaoment’s donor-advised funds, or DAFs, have been distributed to more than 100 nonprofits over the past year, the company announced Thursday. Endaoment said it has distributed roughly 60% of donated funds over that period, which is considerably higher than the average of around 22% for traditional DAFs. Endaoment president and CEO Robbie Heeger credited the efficiency of on-chain technology as well as best practices for the high distribution rate. He told Cointelegraph that Endaoment has onboarded over 200 organizations to date. Further, over 300 organizations have contracts on-chain.