Your daily dose of Austin
Smartphone image
×
Make your inbox more Austin.
Local news and fun, every day 6am.
Web3 group trying to bring crypto and charity together

Yagub Rahimov (left) speaks to the crowd at a DeFi Austin event Wednesday night. (Austonia)

Yagub Rahimov, founder of Web3 marketplace company Tested Web, thinks of himself as a lazy trader. And still, he's spent years researching and thinking through the best methods for trading.


During an event hosted by Web3 group DeFi Austin this week, he gave advice that works with people's laziness to make crypto trading easier. Hosted at Capital Factory, Rahimov used the talk as a way to share his expertise and get attendees to buy his self-published trading journal, the sales of which went to a local children’s charity.

As crypto grows in popularity, more charities are figuring out how to accept donations. Large groups like the American Red Cross and Save Our Children have set up ways to accept crypto or are using platforms to convert it into cash. But at the DeFi event Wednesday, organizers simplified the donations by having the charity accept non-crypto donations.

Rahimov said people would lose money on transaction fees if they paid in crypto. “Plus, we wanted to fund directly to the charity. We did not want to touch it,” Rahimov said.

The self-published trading journal book went for $15 and the night ended with around $500 raised for Austin Sunshine Camps, according to DeFi Austin. “I was a bit disappointed to be honest,” Rahimov said.

He added that donations at events he’s put on elsewhere have seen higher donations. At the very least, the amount raised is enough to send two kids to overnight camp for a full day, but far from the amount needed for 10 days of camp.

In April, DeFi Austin will give fundraising for Sunshine Camps another go by hosting a pickleball crypto tournament and may be able to incorporate crypto-based donations this time.

When charity donors do pass along funds using crypto, they can bypass capital gains tax and get an income tax deduction.

Later, a book buyer passed along a sheet of paper to an Austin Sunshine worker for his signature and an onlooker explained: “It’s from you to her so she can write off on taxes.” When giving in cash, check or other monetary gifts, the IRS requires a record in order for charitable contributions to be deducted.

Rahimov, a former German resident, landed in Austin in March 2020 for South by Southwest and ended up staying because he couldn’t get back home during the pandemic after the border closed. Now, he doesn’t consider himself an active trader. But in 2009, he got Bitcoin.

“I didn’t know what the hell it was and it ended up being the best investment I ever made,” Rahimov said.

The low donation amount didn’t discourage Rahimov. He’s working on another version of the trading journal with an Austin publisher and this time the focus will be entirely on crypto. He said he'll continue passing along proceeds from sales to a children-focused charity.

Popular

Gemini season: View your horoscope for the month here

(Pixabay)

This Gemini season, starting today, is appropriately paradoxical, twisting and blending simple concerns with life’s bigger, faster and more fiery quests.

Shortcuts: Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn, Aquarius, Pisces

Keep ReadingShow less
Austin-area cyclist charged in murder of biking star Moriah Wilson

(Moriah Wilson/Instagram)

Austin police have charged Kaitlin Marie Armstrong, a local cyclist, for the murder of Moriah "Mo" Wilson.

Keep ReadingShow less