Brian Armstrong, the CEO and Co-Founder of Coinbase, has introduced a new crypto charity service called GiveCrypto.org.
“GiveCrypto.org’s mission is to financially empower people by distributing cryptocurrency globally” wrote Armstrong on his announcement via Medium.com. The charity is aiming to raise $10 million dollars for its fund, and it has already raised $3.5 million, assisted by a $1 million-dollar donation from Armstrong himself. The long-term goal of the fund states that they would like the fund to reach $1 billion dollars in the next two years.
Currently, about 40 million people own cryptocurrency, GiveCrypto’s goal is to strengthen the open crypto financial system by raising that number. They will do this by directly transferring money to the individuals in need. This highlights the advantage of using crypto for charity, in most cases with giving to charity’s, individuals will pay money to organizations with the expectation that the money will be transferred to those in need, crypto solves this problem due to its peer to peer aspect. This money will also be available to those in need instantly, which is another major advantage of using crypto for charity giving.
“Crypto is uniquely situated to help people in need”
While Armstrong is aware that some recipients of financial aid from GiveCrypto will redeem their money for local fiat currency, he believes that some may hold in hopes of future, and even thinks that it could “spark local crypto economies, where people start to transact with crypto-to-crypto payments, especially in places around the world going through financial crisis.”
If you would like to donate to GiveCrypto.org, click on this link. GiveCrypto.org currently accepts donations in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Zcash (ZEC).