Coinbase CEO Launches Crypto Charity Fund Which Aims To Reach A Billion People
Brian Armstrong the CEO of arguably the Largest exchange in the US Coinbase announced the launch of a Crypto Charity fund called GiveCrypto which aims to Financially empower people by distributing Cryptocurrency globally to the people in need.
Funds will be raised from the Cryptocurrency holders through GiveCrypto and 100% of it will be distributed among the people who are in dire need of money, initially, it will be emerging markets which are going through Financial crises (Ex. Venezuela, Zimbabwe).
GiveCrypto aims to raise $10 Million shortly and has already raised about $3.5 Million which includes $1 Million from Brian himself. The charity fund aims to reach a Billion people and reach a fund size of a Billion Dollars in the next two years.
GiveCrypto currently accepts Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Zcash (ZEC). The donations made will be tax deductible and to receive a receipt the donor must provide name and email, but if the donor decides to donate anonymously then it won’t be tax deductible.
Brian mentions the goals of the funds which are as follows:
Help people in need by sending money to them directly
Advance real-world usage and benefits of cryptocurrency
Provide universal access to an open financial system
Given the enormous wealth creation from cryptocurrency, and the future potential upside, I believe there is a rare opportunity to create a large non-profit fund.
The Crypto space is seen in a get rich quick kind of light by many people, and it is not unknown that most people who come into this space do not understand the long-term vision which to bring economic freedom to all the people in the world who suffer from unavoidable tyranny and to bank the unbanked.
It is a good step by Coinbase by the launch of this fund which will attempt to change the “bros in Lambos” image by bringing the technology to a much wider audience for real use cases.
Some other projects which are known for charity work in the Crypto space are Ripple which gave away $29 Million to public schools and $4 Million to Ellen’s fund and Pineapple fund, an anonymous fund which committed 5104 BTC to various charities.
The Launch dinner video from Brian:
Brian Armstrong Tweeted:
— Brian Armstrong (@brian_armstrong) June 27, 2018
Ryan Hoover Tweeted:
Image Source: Flickr
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