Since 2015, Fidelity’s charity arm, Fidelity Charitable has been accepting cryptocurrency donations. Recently the charity organization revealed that it has raised more than $100 million via cryptocurrency donations.

According to the annual report of the firm, people have donated more than $106 million worth of cryptocurrencies. This is since it first began accepting this form of donation. However, the number of cryptocurrency donations have dropped in numbers. In 2017, the firm had raised $69 million in donations. The pace, however, declined in 2018 and the firm collected about $30 million as donations. According to a company representative, the cryptocurrency donations rose as their value increased. Likewise, Fidelity Charitable marketing head Amy Pirozzolo believes that cryptos are facing a downturn. Thus, people are less likely to offload them as charitable assets. This is related to the diminishing value of tax deductions charitable donors would be able to claim.

Four years ago, Fidelity wanted to capitalize on humanity’s philanthropic impulses and real market incentives. Investors are not required to pay capital gains if they donate their proceeds. Also, they can write donations off against their income tax. Moreover, the Fidelity Charitable encourages clients to give their most depreciated assets first. This is because it provides the best tax advantages for the donor and charity.

As per the source, the crypto donations have fallen in recent months. However, Pirozzolo admitted that most of the charitable giving takes place in the second half of the year.