Signal Messaging App now accepts donations in various digital assets
Donations can be made in Bitcoin, Ethereum, ZCash, DAI, AMP, BAT, LINK, BCH, GUSD, LTC, STORJ and ZRX
Signal is run as a non-profit organization and crypto donations can be claimed for Tax purposes in the USA
Signal rose to prominence earlier this year as users fled Whatsapp
You can now donate crypto towards the development of the popular messaging app of Signal. The team at the privacy-focused project made the announcement via the following tweet and encouraged users not to ‘hodl back’ on their generosity.
As a nonprofit organization, we depend on your support. If you've been patiently waiting for Signal to accept cryptocurrency donations, you no longer need to hodl back your generosity.https://t.co/1shZcAbZLi
Also on the Signal donation page, is the following reminder that cryptocurrency donations can be declared for tax deductions when filing taxes with the IRS in the United States.
The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause.
When donating crypto, You receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation.
That means you’re able to donate more, as well as deduct more on your tax return. The difference? Sometimes more than 30%.
At the time of writing, Signal has been downloaded over 50 million times through the Google Play store. The messaging app currently has a 4.5-star rating on the platform as a result of 1.444 million reviews. Sim