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Coinbase CEO Sets up GiveCrypto Charity to Benefit Areas Suffering Economically

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Brian Armstrong, the CEO of Coinbase, has announced the launch of a crypto charity project, GiveCrypto. In a post on Medium, he explained:

GiveCrypto.org’s mission is to financially empower people by distributing cryptocurrency globally. We will raise funds from cryptocurrency holders, and distribute small payments to people in need around the world — all using cryptocurrency. Initial recipients will be people living in emerging markets, especially those going through financial crisis.

Armstrong’s goal here is to distribute wealth to those in need through the medium of cryptocurrency transfers. In this way, GiveCrypto will not only be harnessing the “power to do good” that crypto has, but it will also be spreading the word, increasing knowledge of usage and promoting the concept of an open financial system.

Of course, the process of transferring crypto from one place to another is far less problematic than with fiat transfers, making digital currency an ideal way to ensure that aid money gets where it need to go quickly. It is possibly due in part to this fact that Armstrong has chosen to highlight “economic crises” as a target for donations. Currently, the fund – which Armstrong describes as an evergreen / endowment fund, accepts BTC, ETH, BCH, XRP, LTC and ZEC.

The fund has already received donations from the Ripple Co-founder Chris Larsen, Ripple CEO Brad Garlinghouse, and Zcash CEO Zooko Wilcox, as well as $1 million from Armstrong himself. Their goal is to raise $1 billion by 2020. In addition, the cost of operation will be absorbed by the owners themselves, meaning that 100% of donated funds will be distributed to people and areas in need.

Their goal, ultimately, is to create a decentralized app for distribution purposes, but, for the moment, the members of the charity themselves will be personally – and physically – distributing funds.

Want to Donate?

If you would like to donate to GiveCrypto, you can click this link to get started.

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