This charity’s funding has surpassed $2 million. DAO is a formalised abbreviation

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Endaoment, which seeks to transform its ecosystem into a decentralised autonomous organisation for donations – charity for the people — has received funding from a number of parties.

As digital assets have grown in popularity, so have the opportunities for bitcoin use. Endaoment, for example, aims to put philanthropic giving in the hands of the people and recently received nearly $2 million to support its efforts.

“Endaoment facilitates tax-deductible cryptocurrency giving through its Donor-Advised Funds, a type of charitable financial account in which donors give assets to charity and later recommend distributions to non-profit organisations,” according to a public statement provided to Cointelegraph on Wednesday. “Endaoment also provides Community Funds, a pooled giving opportunity in which grants are made in response to specific issue areas identified by the community.” Endaoment is compatible with a wide range of digital content.

This is not the first time cryptocurrency-based donations have come up as a concern in the business. The Giving Block has taken a number of steps to facilitate cryptocurrency donations.

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Endaoment is now managed and maintained by a community foundation, but the operation aspires to someday function as a decentralised autonomous organisation, or DAO — basically, a system governed democratically by the public in accordance with pre-programmed rules and principles. Endaoment’s donor fund mechanisms are also built on Ethereum’s blockchain, according to the announcement.

A total of $2.5 million was contributed and invested in Endaoment as part of a startup fundraising round, according to the announcement. The funds will aid in the establishment of the DAO.

“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,” Robbie Heeger, Endaoment’s CEO and president, said in the public statement.

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