On-Chain Charity Endaoment Raises $2.5M Investment Led by Framework Ventures

Endaoment, a fully on-chain nonprofit, has today completed its first round of funding, raising $2.5 million led by Framework Ventures, a major decentralized financial (DeFi) venture capital firm. “We see these big exciting NFT sales and hear the same thing all the time: some of the proceeds go to charities!” Robbie Heeger, CEO of Endaoment, told Decrypt: "[We] take and deliver this general statement." Endaoment is built on Ethereum, so donations never need to leave the blockchain unless the recipient organization wants to cash it out. All donations to Endaoment are tax-deductible under US federal law, as it is registered as a 501(c)(3) nonprofit in California. On-chain smart contracts were reviewed by OpenZeppelin, a security audit firm for Ethereum smart contracts. Incubated in 2020 by Framework Venture's sister company Framework Labs, Endaoment has also received additional funding from Distributed Global, Station 13, DeFi Alliance, Chapter One, Tony Sheng, Jayson Hobby, 0age and Ben Rubin. He declined to disclose how much of the funding came from any organization or individual. Despite its name, Endaoment is not yet a decentralized autonomous organization (DAO). But it will allow the million-dollar seed money to take that step fast, Heeger told Decrypt. Unfortunately, California, where Endaoment is headquartered, does not legally recognize DAOs, unlike Wyoming. In a statement shared with Decrypt, Endaoment board member and Framework Ventures co-founder Vance Spencer said: “Endaoment demonstrates how it can get some of its profits into the hands of the groups that need it most while staying true to the values of the industry. DeFi.” Last week, Endaoment launched its first community fund to support the grassroots movement. Stand With Asians.Pplpleasr was a digital artist who sold an animated Uniswap ad for 310 ETH ($525,000 at the time) as NFT in March, and was the movement's first donor with 263. .5 ETH ($715,000 at today's price).

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