Brian Armstrong, the CEO, and Co-founder of the digital currency exchange Coinbase has announced that he will be launching a new project “GiveCrypto” with a personal $1 million donation. GiveCrypto is a nonprofit that distributes cryptocurrency to people living in poverty. Armstrong told in an interview with Fortune:
“I started thinking about this last year when I saw all this money people were making in crypto. The goal is to target people in poverty and economic crisis.”
Additionally, Ripple’s CEO Brad Garlinghouse and ZCash’s CEO Zooko Wilcox are also a part of the $100,000 and up donation category along with venture capitalists Ron Conway and Fred Wilson.
Brian, the founder of GiveCrypto’s vision is to financially empower people by distributing cryptocurrency globally.
How do these donations work?
Donors will first give the crypto funds to needy beneficiaries, who can later decide to keep the funds in cryptocurrency or exchange them for fiat money. At present they accept BTC, BCH, ETH, LTC, XRP, and ZEC. Their website mentions:
“We will be testing out a number of distribution strategies over time. To get started, we’re traveling to regions ourselves to distribute funds in person. We’re also speaking with a handful of nonprofits who could act as distribution partners (organizations with local people operating in markets that we are interested in reaching).”
They aim to build a decentralized application in the future to create a trust network for distributions. Beneficiaries have the option to save or spend their cryptocurrency or get it converted it into cash using local exchanges. This charity aspires to raise $10 million by the end of 2018.
These Donations are tax-deductible through the organization’s fiscal sponsor the “Pledge Group”.
Eliogabalus, a crypto enthusiast, and a Twitter user commented:
“Amazing, great initiative! Even though I would analyze the possibility to invest these funds into some vital projects that would help the people in need.”
ChrisBlec, a Twitter user commented:
“Why should we trust you? The idea is great, but there is a high level of trust required. A level which I don’t have yet.”
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