Fidelity is one of the largest financial services companies in the world, with more than $2.46 trillion worth of assets currently under management. It’s no secret that the financial services giant has been looking to get into bed with crypto, and it has been adding support for cryptocurrency donations for quite some time now. Now, Fidelity Charitable has added support for XRP to complete its support for the top five cryptocurrencies by market cap.
Crypto Donations Proving Useful
According to Fidelity Charitable, investors looking to make donations in cryptocurrencies have the added ability to make the donation completely tax free, meaning Fidelity Charity receives more to pass along to charities. By directly accepting the cryptocurrency, Fidelity cuts out the need for investors to sell their crypto assets and pay long-term capital gains tax – both of which will eat a significant chunk of the donation. This means more money goes into the pot and can be grown tax-free, so charities benefit in a far greater way.
Fidelity’s Journey into Crypto
Back in October 2018, Fidelity announced that it was going to give its investors a chance to get stuck into the crypto scene, adding support for Bitcoin and Ethereum right off the bat. In December it announced that it was exploring other top altcoins to add to the list of cryptocurrencies available to investors on its new platform, slated to launch back in June. Since then, Fidelity has been exploring other cryptocurrencies that it can add to its platform in a bid to draw in more big-name investors to its platform.
If that wasn’t enough, in July Fidelity announced that it was hosting an in-house crypto trading game for its employees. Employees were challenged to trade a set amount of crypto and come up with the best trading strategy, with the winner being crowned Fidelity’s king or queen of crypto trading.
Slowly Working on New York
In order to offer crypto trading services in New York state, Fidelity needs to get its hands on a prestigious Bitlicense. Towards the back end of July, Fidelity announced that it had applied to the regulators in New York in a bid to acquire a Bitlicense and start operating inside the state. This would be huge for Fidelity, allowing it to tap into the growing base of New York investors.
So, if you’re looking to donate crypto to charity – which is tax-deductible by the way – you can now make donations in XRP to the Fidelity Charitable platform. As Fidelity’s crypto trading platform starts to explore other cryptos, we could soon see those also start being supported on the Fidelity Charitable platform.
