The Manny Pacquiao Foundation will use Shiba Inu’s (SHIB) nascent Shibarium blockchain ecosystem to receive crypto donations and for operations. The leader of the nonprofit, an eight-division World Boxing Champion and former Philippine senator, made the announcement on X (Twitter).
The Manny Pacquiao Foundation, a 501(c)(3) nonprofit, is partnering with Shibarium, a Layer 2 Ethereum blockchain, to raise funds and to organize events. The foundation has been accepting SHIB donations since 2021 and encourages crypto donations for their tax efficiency.
Manny Pacquiao Presence Can Boost SHIB Standing
Pacquiao, who retired from professional boxing in September 2021, has given away a third of his earnings to charity. He thanked the SHIB community for their partnership in an X (Twitter) video.
“Thank you SHIB community for supporting the Manny Pacquiao foundation. We are excited about this partnership.”
The Pacquiao Foundation channels donations toward building houses, supporting sex trafficking victims, and providing COVID-19-related relief. The nonprofit was established in 2019 and was inspired by Pacquiao’s journey from abject poverty to professional boxing, which started when he boarded a boat to the Philippines as a stowaway.
After the foundation’s announcement, the price of SHIB rose by 7%. Shibarium, a growing Layer2 Ethereum ecosystem vying for significance in the decentralized finance space, had a botched launch earlier this year.
Read more: Shiba Inu — A Beginner’s Guide
US Taxpayers Earn Relief from Crypto
By using crypto, of which SHIB is one of at least 17 accepted by the organization, donors can pay less tax than if they were to donate cash from crypto sales. This is because taxpayers can list some crypto donations directly on US tax returns.
In the US, taxpayers who hold cryptocurrencies for a year or more can claim a charitable deduction if they itemize their deductions. Those who donate $5,000 or more need a qualified appraisal on each itemized donation.
Read more: The Ultimate US Crypto Tax Guide for 2023
Crypto donation specialist, the Giving Block, automatically generates tax receipts and forms for each donation. A giver can use the same donation form for more than one cause. The Pacquiao Foundation also generates receipts for tax filings.
Do you have something to say about the Pacquiao Foundation expanding its relationship with the SHIB ecosystem, or anything else? Please write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
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