The Grantcoin Foundation is pleased to announce that we have applied for 501(c)(3) status as a tax-exempt charitable and educational nonprofit organization in the United States. Based on legal advice we have received, we are confident that the Foundation meets all the criteria for approval.
If the Grantcoin Foundation is approved by the IRS, Grantcoin will become the first cryptocurrency to be managed and distributed by a 501(c)(3) organization.
The Grantcoin Foundation made the decision to pursue tax-exempt status because the mission of our organization and the Grantcoin currency itself is philanthropic in nature. Grantcoin is an alternative currency distributed into circulation primarily as charitable grants. The Grantcoin Foundation also has an educational mission, to inform the public about the history of money, the negative consequences of the current for-profit monetary system, and the benefits of a non-profit, non-governmental alternative.
To increase our credibility as a grantmaking charity and strengthen the case for 501(c)(3) approval, we have reallocated the amount of Grantcoin held by the Foundation in different categories of the Grantcoin Reserve. Under our revised plan, 80% will be given away as grants to worthy people and organizations, and only 20% will be used for administrative purposes and incentives for growth and adoption.
“Grantcoin is one of only a handful of cryptocurrencies that have been created to advance a cause for social good,” said Eric Stetson, founder and Executive Director of the Grantcoin Foundation. “It is appropriate that such a project be managed by a legitimate tax-exempt nonprofit organization which can be backed financially by donors and benefactors. We believe the world is ready for a philanthropy-based currency, and Grantcoin looks forward to leading the way.”
In the next few weeks, we will roll out a program to encourage charitable donations to the Grantcoin Foundation, as well as other important announcements about new developments coming soon.
