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Robbie Heeger is the the President and CEO of Endaoment, a community foundation & public charity offering Donor-Advised Funds (DAFs) built atop the Ethereum blockchain. They allow individuals to donate to almost any U.S. nonprofit organization. They have a mission to encourage and manage the charitable giving of cryptocurrency.

How did you first get introduced to blockchain and cryptocurrency?

I first fell down the crypto rabbit hole in late 2013. At the time I was living with several roommates, one of whom had just been placed as a contract recruiter at the recently venture-backed Ripple Labs. He brought home the Ripple primer, which explained a bit about blockchains and cryptocurrencies and, of course, how Ripple worked.

A few of us wound up engrossed in the space from there. We were talking about it often, investing what we could afford in different projects. It’s been a wild ride since then. I feel immensely lucky to have been exposed to this tech so early.

Could you share the genesis story behind Endaoment?

Endaoment’s beginnings trace back to the Donor Advised Fund (DAF) I share with my brother at a local community foundation here in San Francisco. My previous job was at Apple, and while I was working there, I got into the habit of donating a little bit of AAPL stock each year to give back to a wide range of organizations and help offset tax obligations.

As cryptocurrencies became a larger part of my life and portfolio, I wanted to do similar kinds of donations. I approached our DAF provider, the San Francisco Jewish Community Federation and Endowment Fund, and started working with their team on accepting crypto.

At the same time, I was learning how to code, and was looking for a good project to sink my teeth into. After seeing the available options for cryptocurrency donations, I thought it would be unique and fun to make a crypto-native DAF provider. I got to work on the codebase for a crypto-DAF and  Endaoment was born!

Endaoment enables anyone to donate to Donor-Advised Funds (DAFs). Could you briefly explains what DAFs are for readers who are unfamiliar with the concept?

Loosely put, some would describe  DAFs as “charitable checking accounts” where the account manager can only pay out to qualifying nonprofit organizations.

In practice, what happens is donors on Endaoment open a fund, send in their crypto donation to the Endaoment wallet, and we exchange that crypto for dollars. donors immediately receive a tax receipt, but the money can only go to nonprofits through grant recommendations.

These recommendations are made by donors, identifying which specific 501(c)(3) nonprofit should receive their crypto donation. Endaoment and the receiving organization review each recommendation and, if approved, Endaoment passes the dollars to the organization.

DAFs are all the rage! I kid, but they are exploding in popularity as people realize the convenience and flexibility of the vehicle. There are more than 800,000 DAFs in the U.S., accounting for 12% of all individual giving. We want to help educate the public and bring DAFs even more into the mainstream.

What’s the process for a charity to be listed?

We pull all of our data from the GuideStar nonprofit database. If you’re a qualifying U.S. based 501(c)(3) non profit, you’re already listed on Endaoment’s web application and ready to accept cryptocurrency gifts as dollars.

The first time a charity receives a grant recommendation (instructions to receive dollars from an Endaoment DAF), two on-boarding actions take place:

  1. The donor making the grant recommendation must deploy a blockchain address for that organization. This serves as a holding account on-chain for granted and approved funds.
  2. The organization must supply Endaoment with a bank account or crypto wallet address to deposit awarded dollars. Once provided, we transfer the funds from the holding account to their preferred withdrawal method.

Both of these steps are straightforward, occur inside our web application, and can be done on the same day the grant is made. We’ve gone from crypto to dollars wired into a nonprofit’s bank account in the same day. It’s really cool to see, especially when coming from DAF providers who can take weeks or even months to complete a grant to an organization.

What’s the due diligence process for verifying the authenticity of an organization?

We conduct a multi-part due diligence process. In truth, the process begins even before an organization appears on our platform.

We filter our GuideStar results to only show organizations that meet our Organization Due Diligence and Eligibility Criteria, so any organization that you’re seeing on Endaoment has already passed an initial due diligence check.

After a grant recommendation is made, we manually run additional diligence. What this looks like in practice is our staff making contact with the organization’s leadership.

We verify their program activity, discuss the work and programs that the funding will support, confirm that the recommending donor won’t receive any benefits from the grant, and verify that the organization doesn’t support activities that violate our Organization Funding Policy.

Assuming all of those checks come back copacetic, we gather payment information, verify the ownership of the desired withdrawal account and send out the granted funds to the organization.

Can you discuss the process for how Endaoment distributes the funds to the organizations?

We have two methods that organizations can use to withdraw granted funds. By far, our most popular option is to be paid via bank wire.

We’ve partnered with Circle, the team behind the USDC stablecoin (essentially a cryptocurrency whose value is always one dollar), to enable programmatic wire payments. They take our crypto dollars along with wire instructions and transfer the value directly into organizations’ bank accounts.

The other option organizations have is to use their own (or a service provider’s) crypto wallet address to receive granted funds. In this case, organizations receive the dollars as USDC directly into their wallet address on the blockchain. As more organizations “get hip” to crypto, we expect to see more teams use their own wallets to receive gifts from Endaoment.

Do you have a favorite charity/organization that is listed on the Endaoment platform?

Shameless plug: Endaoment! What’s great about our platform is that we can use it ourselves to fundraise for our own operation. Every dollar granted to Endaoment on Endaoment goes right back into making Endaoment faster, better, more robust and easier to use.

Excluding ourselves, I’m most proud of the support our donors have provided to fighting climate change. We see the heated (pun intended) conversation around the environmental impact of blockchain technology, and are looking forward to being a part of the crypto community’s broader mitigation strategy. 

How much has been raised for various charities and what’s the biggest donation so far?

So far we’ve raised just under $1.5million in crypto for charitable causes. We’ve seen donations ranging from $100 to $1,000,000 and grants ranging from $100 to ~$65,000.

We’re just getting started. As the crypto market continues to grow, I anticipate seeing our numbers grow.

Is there anything else that you would like to share about Endaoment?

We’re hiring! If you or someone you know is passionate about the intersection of philanthropy, finance and software development, we’d love to meet them.

But let me end with this: so many people ask me, “am I too late to get into crypto?” Unequivocally, my answer is NO! These are the very first few years of a major transformation in how each of us transacts, indexes and stores our valuables—digital or physical.

Endaoment is here to help each of us give some of those valuables away to those who are less fortunate with warm hands.

Thank you for the great interview, and for working on such an important project. Readers who wish to learn more should visit Endaoment.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Investing In Axie Infinity (AXS) – Everything You Need to Know

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Axie Infinity (AXS) is a play-to-earn cryptocurrency ecosystem and gaming network. The platform enables users to earn AXS by playing various games within the Axie Infinity Universe and through user-generated content initiatives. Players can earn rewards by collecting, trading, battling, raising, and mating digital assets called Axies.

Notably, Axie Infinity is extremely popular at this time. The network ranks #1 in terms of daily, weekly, and active users. Notably, Axie Infinity registers 250,000 daily active players. Impressively, the game has generated over 13,000 ETH in revenue. Additionally, the network serves a vital role in providing a fun and educational way to introduce the world to blockchain technology.

Axie Infinity (AXS) - Twitter

Axie Infinity (AXS) – Twitter

What Problems Does Axie Infinity (AXS) Attempt to Fix?

The technical structure of Axie Infinity enables the platform to alleviate many concerns faced by gamers and NFT collectors alike. The network provides users with a viable way to unlock value from the game sphere. In the traditional gaming market, users invest both time and money into digital assets, yet they never really own these items. Axie Infinity shifts the paradigm and puts real ownership back where it belongs – in the hands of gamers.

Benefits of Axie Infinity (AXS)

There are lots of benefits users gain when they participate in the Axie Infinity ecosystem. For one, the blockchain-based trading and battling game is very entertaining. You can spend hours exploring, battling, and collecting valuable NFTs (non-fungible tokens). These tokens range in value based on their scarcity and usability in the game.

Expandable

Another major advantage of the Axie Infinity universe is its open-source nature. The developers behind the concept encourage other community members to create tools to better the overall user experience. In this way, the platform takes a forward-looking stance.

Re-circulating Fee

One of the biggest benefits Axie Infinity users gain is profits. Notably, 95% of its revenue goes back to the players. Specifically, Axie takes a 4.25% fee for buying and selling Axie NFTs. Users also pay a small fee when they breed their Axies.

Axie Stats - Homepage

Axie Stats – Homepage

Passive Rewards

The ROI potential of Axie Infinity has caused the network to operate as a jobs platform for some regions of the world. Users are earning sustainable rewards through gameplay. The Covid-19 pandemic helped drive this income-seeking sector of the market to new heights. Today, there are full-time gamers earning steady ROIs on the network.

How Does Axie Infinity (AXS) Work

Axie Infinity is a Pokémon-inspired universe that combines some popular aspects from games like Cryptokitties and more. Users breed their Axies to develop particular skills and admirable traits. They can then take their specially Axies and complete quests to earn energy.

Axies

Axies are the digital creatures that roam the universe. They can breed and pass down their unique traits. Notably, each Axie can only breed up to seven times before they go sterile. This strategy ensures that there are never too many similar versions of these digital assets in existance.

Battles

Users can battle each other to earn rewards as well. You can breed, raise, and then compete in PVP battles to win leaderboard prizes. These prizes can range from collectible NFTs, prizes, and tokens. The more battle you win, the more valuable your Axie becomes in the ecosystem. Top the leaderboard and your champion Axie will hold value above the competition.

Breeding Axies

One of the core components of the platform is the breeding aspect. This feature is similar to Cryptokitties in that each Axie has a DNA code that holds their individual traits. Users can breed and sell their Axies on the marketplace to secure rewards easily.

Axies - Homepage 2

Axies – Homepage

Collect

Collectors gain a lot of advantages using Axie Infinity. The self-sterilizing features of the market help to improve scarcity. This improved scarcity allows traders to speculate on super-rare Axies. Also, you can easily cash out your Axies using popular DEXs like Uniswap.

Smooth Love Potion (SLP)

Smooth Love Potion (SLP) is an additional crypto used to buy land, farm, or breed Axies in Lunacia. Notably, you must farm love potions to breed Axies. You can also trade this token on a variety of popular DEXs and CEXs such as Uniswap and Binance.

Staking

You don’t have to be a gaming master to secure rewards in the Axie Infinity network. Anyone can claim rewards by staking their AXS tokens. Staking provides a consistent payout and is far less labor-intensive than trading for new users. As such, most new users prefer staking over trading their crypto. Best of all, you retain ownership over your digital assets when you stake.

Axie Infinity Shards (AXS)

AXS is the primary utility and governance token of the network. This ERC-20 governance token can be earned through a variety of tasks. You can earn AXS when you play games or participate in content creation campaigns. AXS is traded on multiple exchanges including SushiSwap and Uniswap.

Community Governance

Axie Infinity incorporates a decentralized governance mechanism. This feature enables AXS token holders to vote on upgrades and more. This system also controls the release of funding from the Community Treasury. In this way, Axie Infinity is partially owned and operated by its users.

History of Axie Infinity (AXS)

Axie Infinity entered the market in 2018. The firm is registered as a for-profit company out of Vietnam. Since its launch, Axie Infinity has seen impressive adoption. The platform features a massive gaming community and an equally large social media presence.

Where to Axie Infinity (AXS)

Binance – Best for Australia, Canada, Singapore, UK, and most of the world. USA residents are prohibited from buying AXS.  Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

Gate.io – Best exchange for USA residents.

Axie Infinity – Bringing Transparency to NFT Gaming

Axie Infinity is a perfect example of how NFT gaming can benefit all parties. Developers see more interactions and profits. At the same time, users gain higher ROI potential with less risk. For these reasons, it’s safe to assume Axie Infinity will remain a pioneering force in the market fr the foreseeable future.

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Fx Analysis

Digital Securities Weekly Market Wrap

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Digital securities remain one of the most promising, yet overlooked, blockchain based sectors.  This past week saw various developments which should continue building upon a strong foundation for the future.

INX Token Listing + Fee Structures

Fresh off the completion of its acquisition of OpenFinance, INX Ltd. is expected to officially list its digital securities on securities trading platform, securities.inx.co.  In doing so, INX Ltd. will become the first company to list a digital security registered through the Securities and Exchange Commission (SEC).

This anticipated listing is only the most recent example of successes by INX Ltd. as the company also went public in mid-2021.

In a further attempt to entice users to its newly launched securities trading platform, beyond the listing of its own digital securities, INX Ltd. has announced that it will be slashing trading fees.

Old Trading Fee New Trading Fee
2.5% 0.2%

Shy Datika, CEO of INX Ltd., commented on each of these developments, stating,

“This listing of our registered digital security, trading on the blockchain, makes history. Blockchain securities are the future, and INX is leading the way. In my opinion, digital security trading fees have been at ridiculously lofty levels in this space. For digital securities to gain true acceptance, they have to be accessible to all, with low fees.”

Yield Funds on Offer by Securitize

Within the digital securities sector, there is perhaps no company busier than Securitize.  Multiple successful funding rounds have given the company the flexibility needed to attain various designations and licensure, while developing a broad suite of services.  This suite is now set to expand further with the company’s announcement that it will be launching multiple yield funds – a feat made possible through co-operation of its various subsidiaries which boast various licensures such as a SEC registered broker/dealer.

These funds, which will be based on Bitcoin and USDC, will boast a 0.5% management fee and be restricted to family offices, institutional and accredited investors.

Carlos Domingo, CEO of Securitize, elaborated on the purpose/benefit behind such funds, stating,

“Securitize’s Bitcoin and USD Coin funds are intended to provide investors with direct exposure to cryptocurrencies, with higher yields and lower fees than other funds currently available on the market. We believe that digital asset securities, also referred to as security tokens, are a fundamentally better way to facilitate and record investments.”

Securitize expects these funds to be particularly appealing due to their regulated nature.  In a time when companies like Binance, BlockFi, etc., are feeling the heat from the SEC and other regulating bodies, offering exposure to digital assets through a more traditional approach seems like a logical move.

Coinbase Pro Lists ‘POLY’

For years Coinbase has remained the standard by which digital asset exchanges are compared, holding true to this day.  As a result, when the platform announces the listing of a new asset, associated markets typically respond favourably due to the increased liquidity and attention afforded to them.  This was most recently on display as Coinbase Pro announced support for Polymath’s native token ‘POLY’ – a company specializing in solutions for the digital securities sector.

Coinbase provides investors with the following description for ‘POLY ‘.

Polymath Network (POLY) is an Ethereum token that aims to facilitate digital securities trading on the Polymath platform. By creating a compliance-focused standard (ST-20) to issue and manage security tokens, Polymath seeks to tokenize and support the trading of traditional and new classes of assets.”

While POLY is currently now available on Coinbase Pro, access through the main Coinbase platform is expected to launch soon.

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Fx Analysis

The Week Ahead in FX (July 26 – 30): USD Braces for FOMC, GDP & Core PCE Index

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It’s gonna be a busy one for the dollar!

Uncle Sam is gearing up for the FOMC statement, advanced GDP release, and core PCE price index.

Don’t forget to review which factors drove forex market price action last week, too!

Major Economic Events:

Australian quarterly CPI (July 28, 1:30 am GMT) – A slightly faster pickup in price pressures is eyed, with the headline CPI slated to advance from 0.5% to 0.6% and the trimmed mean CPI to climb from 0.3% to 0.5% in Q2 2021.

However, this might not do much to lift the Aussie’s spirits, as the economy’s performance is bogged down by another set of lockdowns to curb the spread of the Delta variant.

Canadian CPI (July 28, 12:30 pm GMT) – The Great White North will also be printing its inflation figures midweek, possibly showing mixed results.

The headline reading is projected to have dipped from 0.5% to 0.4% while the common CPI likely ticked higher from 1.8% to 1.9%.

The trimmed CPI probably stayed unchanged at 2.7% while the median CPI might have climbed from 2.4% to 2.5%.

FOMC statement (July 28, 6:00 pm GMT) – No actual interest rate changes are expected from the U.S. central bank, with Fed head Powell still likely to downplay the pickup in inflation.

Still, the pressure is mounting for policymakers to start tapering their asset purchase program since the U.S. economy has been recovering already. Any indication that the Fed is closer to scaling back their stimulus efforts could be bullish for the dollar.

U.S. advanced GDP (July 29, 12:30 pm GMT) – Stronger growth figures are eyed for the previous quarter, with the U.S. economy likely growing by 8.5% in Q2.

Keep in mind that more businesses have reopened in the past few months, likely spurring stronger investment and consumer activity.

An even higher than expected read could reinforce Fed tightening hopes while a downside surprise could cast doubts on seeing tapering moves anytime soon.

U.S. core PCE price index (July 30, 12:30 pm GMT) – Another slight pickup in inflation is eyed, as the reading probably increased from 0.5% to 0.6% for June.

Note that this is the Fed’s preferred inflation measure, so it’s kind of a big deal!

Forex Setup of the Week: AUD/USD

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

If you’re feeling dollar bullish this week, then this setup could be worth keeping on your radar!

AUD/USD is moving below a descending trend line that seems to be holding as resistance again. Price is moving sideways, suggesting that traders are holding out for catalysts.

A break below the current consolidation above the .7360 area could confirm that the downtrend is resuming, possibly taking AUD/USD to the bearish targets marked by the Fibonacci extension tool.

The 50% level might hold as strong support near the swing low and .7300 major psychological handle. Even stronger bearish momentum could take the pair down to the full extension at .7200.

Technical indicators support the idea of a selloff, as the 100 SMA is safely below the 200 SMA while Stochastic is heading south.

I’d still keep an eye out for all the top-tier economic events in the U.S. and Australia to see if this pair could go further down!

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