Endaoment Raises $2.5 Million in Seed Funding & Donations to Decentralize Philanthropy
Largest DeFi VC Framework Ventures leads initial funding round in support of Endaoment
Endaoment, the first-of-its-class public charity providing Donor-Advised Funds on the Ethereum blockchain, has announced the completion of a seed funding round raising $2.5 million USD. The mixture of investments and charitable donations come on the heels of Endaoment’s first $1 million USD donation from the core contributors of SushiSwap, and a $660k gift by industry-renowned digital artist Pplpleasr.
Endaoment facilitates tax-deductible giving of cryptocurrencies via its Donor-Advised Funds, a kind of charitable financial account, where donors give assets to charity, and later recommend distributions to non-profit organizations. Endaoment also offers Community Funds, a pooled giving opportunity where grants are made around specific issue areas and identified by the community. With the long-term goal of transforming its core operations into a decentralized autonomous organization (DAO) and becoming fully user-governed, this fundraising makes it possible for Endaoment to build out engineering teams and development staff necessary to facilitate that transition.
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“These critical investments and charitable contributions from several of the most reputable names in the DeFi industry set up Endaoment, and the technology behind the platform, for long-term success,” said Endaoment President and CEO, Robbie Heeger. “This capital enables us to launch the DAO that is our namesake; the first DAO to power an on-chain philanthropic institution without compromising on regulatory compliance. We’re thrilled to be marrying the tax-deductible solutions of a community foundation with crypto-native decentralized software and solutions and look forward to offering other, similar services down the line.”
The funding round was led by Framework Ventures, the largest Venture Capital fund in the DeFi industry, whose sister company—Framework Labs—incubated Endaoment and assisted in its public launch in 2020. Additional seed investors include Distributed Global, Station 13, DeFi Alliance, Chapter One, Tony Sheng, Jayson Hobby, 0age, Ben Rubin and a range of other angel investors from the crypto community and beyond.
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Voicing his support for the fundraising effort, Endaoment board member and Framework Ventures co-founder Vance Spencer, added: “Our contribution reflects the importance of Endaoment’s mission. It’s no secret that there’s a lot of money in crypto. Endaoment is showing the industry how it can get a portion of its profits into the hands of groups that need it most, while remaining true to the values of DeFi.”
Endaoment provides more than 1.5 million organizations with the infrastructure to process over 150 different cryptocurrencies as donations. The scope of Endaoment’s reach has helped introduce the nonprofit community to the world of crypto and has begun creating a new cohort of DeFi philanthropists, facilitating the charitable giving of cryptocurrencies on a previously impossible scale.
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