The Giving Block, an online platform that allows nonprofit organizations and charities to accept digital asset donations, has launched a service tailored to donors wishing to send large amounts of crypto.

In a Wed annunciation, the Giving Cake said it partnered with crypto revenue enhancement startup Taxbit, New York-based accounting firm Friedman LLP, and Ren to first a service aimed at individuals, institutions and advisors looking to reduce their tax exposure when donating crypto. Giving Block co-founder Pat Duffy said the Private Customer Services streamlines its existing donation process assuasive "high-value donors to quickly and securely give large gifts to their favorite charities while reducing their tax pecker."

According to the platform, individuals wishing to make large donations in crypto, including "illiquid small-cap and mid-cap cryptocurrencies" now take more opportunities to reduce their upper-case letter gains tax and potentially, increase deductions when it comes time to report to the IRS. The Giving Block's "high-value donors" have access to crypto tax experts, accounts and appraisers to facilitate the transaction and subsequent reporting.

With many countries already celebrating the holidays this year, many take chosen to give to clemency in improver to gifts for friends and family. Giving Block CEO Alex Wilson told Cointelegraph concluding week he expected the platform to handle more than $100 one thousand thousand in crypto donations for 2022, a more than ii,400% increase over $4 million the previous year.

Related: Charity platform expects significantly larger crypto than fiat donations for Giving Tuesday

Some trading platforms have already enabled the gifting of crypto this holiday flavor. Digital payments visitor Block appear on Tuesday that users of its subsidiary Cash App could ship every bit piddling every bit $1 in Bitcoin (BTC) or stock every bit a gift in the aforementioned way they had been sending cash. Fintech provider Unbanked said earlier this month it would be enabling crypto donations for Toys for Tots, a program run by the U.s.a. Marine Corps that collects toys to distribute to disadvantaged children.