CVS is the utility token for Civic, a flexible identity verification technology that uses digital identity as a gateway for decentralized finance.
CVC is an ERC-20 token used on Civic, a decentralized digital identity provider. The primary use case of CVC is as a payment verification between “Identity Verifiers” and “Identity Requesters” within the Civic ecosystem. Requesters can be anyone who wants to link KYC/KYB data to crypto wallets. Identity Verifiers are then paid in CVC by Identity Requesters, and the Civic team takes fees for connecting the parties. Additionally, users verifying their information through Civic can share their info and the verification with service providers, which reduces the need to re-verify their identity.
Why Donate CVC?
Since CVC has appreciated significantly, donating CVC and other cryptocurrencies can save you money on your taxes. Because the IRS classifies cryptocurrency as property, this means you don’t have to pay capital gains tax on your donation and can deduct the amount on your tax return. This is why financial advisors recommend you donate your most highly appreciated assets first. Users who donate and enter their email address will automatically get a compliant tax receipt.
Don’t want your CVC stack to decrease? Repurchase the same amount of CVC afterward and still get the same tax benefits to offset some (or all) of your gains.