Coinbase CEO and founder Brian Armstrong early this year showed some interest in getting involved in charitable giving through cryptocurrency. Six months down the line and the crypto exchange boss has launched a crypto charity organization that is aimed at donating cryptocurrencies to the financially challenged. His effort will see him distribute cryptocurrencies around the globe and help enlighten millions of people about cryptocurrency. GiveCrypto’s mission is to “financially empower people by distributing cryptocurrency globally.” Inspired by Satoshi Nakamoto’s white paper for bitcoin, Armstrong shared the views of the crypto developer that cryptos could bring economic freedom to the poor and now believes the time to declare financial independence for millions is now.
Setting The Right Image In The Crypto Community
The crypto community got into the financial market seeing an enormous opportunity to revolutionize the financial system. Cryptos made it cheaper to transfer international funds, more efficient and faster. With this, early adopters quickly gathered big profits and have largely been reaping from their investment. However, according to Armstrong, the community has always been viewed as ‘bros in Lambos,’ an image that doesn’t entirely represent the community. A part of the community holds a philanthropist attitude, including himself and his new organization will allow this part of the community to raise funds and awareness to the financially challenged.
The newly launched organization will allow crypto holders, the 40 million of them, to donate a part of their cryptocurrencies. Working with local exchanges, the organization will dispense the funds to people in need. The beneficiaries will have three options upon receiving the donations; they can either exchange the digital currencies for fiat in local exchanges, keep the digital currency until they can benefit from future profits gained from technology improvements or use the cryptos to pay for goods and services which could spark the use of crypto in retail. This use of crypto payments could lead to financial freedom in regions that are faced by a financial crisis. By achieving all this, the organization will be helping people in need by sending them financial aid, advancing the use of cryptocurrencies and will help millions of people access an open financial system.
Charitable work has in the past been hindered by corruption and bureaucracy, this has made it hard for donations to reach and make an impact in the lives of the challenged. However, like many other industries that have been interrupted by cryptocurrency use, the new form of donation might just make the process much more efficient, faster and cheaper for all participants.
GiveCrypto.org has reportedly raised about $3.5 million with $1 million coming from the founder, Brian Armstrong. Big donations have also come from Chris Larsen, executive chair at Ripple, and Zooko Wilcox, CEO of Zcash. The organization currently aims at raising $10 million with plans to grow the fund size to $1 billion over the next two years. In recent days, the crypto community has shown interest in charitable work with Ripple recently donating millions of dollars to public schools.
You have Successfully Subscribed!