CEO Of Coinbase Decides To Launch A Charitable Cryptocurrency Fund

CEO Of Coinbase Decides To Launch A Charitable Cryptocurrency Fund

June 28, 2018 0 By Austin Patel

In less than a month, many Cryptocurrency investors have gathered thousands of dollars in Cryptocurrency, and they are ready to give back some of it. Inspired by this way of thinking, Brian Armstrong, CEO of Coinbase decided to launch a new charitable fund.

But, why?

Well, Brian Armstrong thinks that the best method to aid those in need is by handing over money, be them Dollars, Euros or Cryptocurrencies. He aims to provide a direct source in Cryptocurrencies to help people in need all around the world. It would also help to popularize Cryptocurrencies further and exploring new ways to use them.

The Foundation Of GiveCrypto

To make this charity with Cryptocurrencies happen, Brian Armstrong decided to found GiverCrypto; he donated $1 million to start this new project; a global endeavor made to allocate Bitcoin and many other digital currencies directly to those in need of help.

Anyone can make a donation.

After sending any amount of Crypto coins, the people in need of help will have the liberty to decide if they want to keep the Crypto coins or selling them for fiat money. Those who have mobile devices with an Internet connection can participate and send as many amounts they want to anywhere in the world, which is the beauty of Cryptocurrencies.

While many currencies have problems with the distribution of aid to foreign countries because they face high fees and the risk of corruption, Cryptocurrencies help to circumvent both of those problems.

How Much Has GiveCrypto Raised So Far?

It started with a $1 million from its founder Armstrong. And, as the time goes by, GiveCrypto has already raised more than $3.5 million so far. Even the executive chairman and co-founder of Ripple, Chris Larsen donated more than a million dollars worth in Cryptocurrencies to the fund.

Not only that but the movement gets more significant and famous every second thanks to many influencers in the Cryptocurrency industry, like Cryptocurrency mining giant Bitmain or Fred Wilson, a venture capitalist who has donated above $100,000 in Cryptocurrency.

The goal is to raise over $10 million by as the year closes (which won’t be much trouble with all the support it has already) and to hit the $1 billion mark in the two years.

Who Will Receive The Donations?

This is probably the most frequent question since the project started. How will users choose recipients when there are more than billions of people in the world living in dire poverty? Armstrong and the team behind GiveCrypto will ensure that all donations won’t be delivered to local thugs or corrupt governments. But, do not think this is the first time that someone faces this challenge; this has always been a huge obstacle to traditional charities and aid programs. Armstrong has experience with handling fraud from all his years running Coinbase; he ensures that distribution will be the hardest part, but will approach to prevent any mismanagement until they see what works and what doesn’t.