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Manny Pacquiao Foundation Taps Shiba Inu Community for Crypto Fundraising

2 mins
Updated by Geraint Price
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In Brief

  • The Manny Pacquaio Foundation nonprofit has tapped Shiba Inu ecosystem Shibarium to assist in raising funds and organizing events.
  • The foundation's leader thanked the SHIB community for their support which started when the nonprofit first accepted SHIB in 2021.
  • The new deal may boost the Shibarium ecosystem, which has been vying for significance since experiencing a shaky launch this year.
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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.

Shiba Inu (SHIB) 1 Day Price
Shiba Inu (SHIB) 1 Day Price. Source: BeInCrypto

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 TikTokFacebook, or X (Twitter).

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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