Author: Gan Jia Ci
The CEO Coinbase Brian Armstrong has just announced the launch of GiveCrypto.org, a cryptocurrency charity project that will hold and distribute cryptocurrencies to people in need.
Headquartered in San Francisco, Coinbase is a digital currency wallet founded in 2012 that allows investors to transact with new cryptocurrencies in over 32 countries.
According to the Medium blog post published on 28 June, Armstrong stated that the overall mission of the new platform is to “financially empower people by distributing cryptocurrency globally”.
Why start a charity now? Armstrong explained the potential of cryptocurrencies and how they could make the financial system faster, reduce the fees and transaction periods. “We saw the potential to create move innovation, with a universal currency on the internet. And we realized it could bank the unbanked of the world — the billions of people who are locked out of the financial system and trapped in poverty as a result,” Armstrong illustrated.
“It’s still very early days in crypto and yet we’re already seeing philanthropy in cryptocurrency.” He added, “Now is the time to make sure we fold philanthropy and giving back into the fabric of this new industry.”
The non-profit project initiative aims to help people in need by directly sending them money, advancing real-world adoption and benefits of digital currencies, and providing global access to an open financial system. People living in emerging markets and are going through a financial crisis will be the initial recipients of this initiative.
The first goal of GiveCrypto.org is to raise a $10 million fund. With an initial donation of $1 million by Armstrong himself, the project has managed to to raise $3.5 million thus far. Once the full amount has been raised, a team will be formed to manage payments distribution through ambassadors – credible local volunteers in targeted markets.
In the future, GiveCrypto.org may also experiment with other distribution mechanisms by working with other established non-profit organisations and building an application to track distribution. Through the initial tests, the project will be able to get a better understanding of recipients’ reviews on the payments, how they exchange them to their local currency and how they make use of these funds.