MAGIC Funds are an innovative way for MAGIC Grants to support important cryptocurrency project needs while involving the communities of these projects in the MAGIC Fund decisions.
Existing MAGIC Funds
These are the existing MAGIC Funds. Please click on the one you are interested in learning more about:
Proposed / Pending MAGIC Funds
- MAGIC Litecoin Fund - Speaking with various stakeholders
About MAGIC Funds
MAGIC Grants created the MAGIC Funds initiative to allow communtities to fund various qualifying projects with ease.
Each MAGIC Fund is different because each community is different. However, MAGIC Funds typically have the following properties:
MAGIC Fund Voters select advisory committee members for the Fund.
Committee members select various qualifying projects in their communities to fund and select investment policies.
Committee members hold regular meetings and publish meeting minutes.
Committee members, voters, and project community members raise donations for their MAGIC Fund. Donations are fully tax deductible and can be made in crytocurrencies, bank transfer, or other methods.
Donations made to the MAGIC Fund can only be used as described in the latest copy of the relevant MAGIC Fund document. They can not be used by MAGIC Grants for any other purpose. This is not a donor-advised fund.
MAGIC Fund committee members and voters must agree to and follow MAGIC Policies, as applicable.
Why a MAGIC Fund?
There are many advantages to having a MAGIC Fund:
MAGIC Grants’s board assists with much of the overhead.
MAGIC Grants is a fully compliant and properly registered 501(c)(3) public charity in Colorado, United States.
MAGIC Grants has existing banking and exchange relationships.
MAGIC Grants is cryptocurrency friendly. Its board members have more than 10 years of combined experience in the cryptocurrency space.
MAGIC Grants can advise on the best ways to reach out to researchers, developers, and audit firms.
MAGIC Funds can be tailored with great flexibility or great restrictions on grant and investment decisions, depending on the desires of the project community and donors.
MAGIC Funds can evolve over time through community feedback and votes.
Applying for a MAGIC Fund
If you believe that a project you are involved in (officially, volunteer, etc) is a good fit for a MAGIC Fund, please click here to learn more about MAGIC Funds to get started.
Please note that for a MAGIC Fund to be set up for a particular project, MAGIC Grants must determine that the cryptocurrency network is essential public infrastructure. MAGIC Grants must also have an understanding of the source of funds to be provided for the MAGIC Fund, the voters, and the sort of projects that the Fund is expected to be used for.
Committee Member Expectations
Restrictions on Disbursements
Each MAGIC Fund may have additional policies on disbursements. However, MAGIC must collect information on almost all grant recipients. This includes a photo ID and TIN.
For documentation on MAGIC Grants generally, click here.