Coinbase CEO Launches Charitable Crypto Fund

Brian Armstrong, CEO of cryptocurrency platform Coinbase, has launched a new charitable cryptocurrency fund called "GiveCrypto."

The non-profit GiveCrypto Foundation will directly provide financial assistance to those in need around the world and will seek out potential recipients in partnership with other non-profit organizations. The fund's goal is to raise $10 million by the end of the year, and $1 billion by 2020. Donations will begin after the fund raises the first $10 million.

Armstrong believes that cryptocurrency holders have a “moral responsibility” to make “the financial system more efficient.”

The fund has already raised $3.5 million, with $1 million donated by Armstrong and Ripple co-founder Chris Larsen. Also donating $100,000 from cryptocurrency mining leader Bitmain, venture capitalists Fred Wilson and Ron Conway, Ripple CEO Brad Garlinghouse, and ZCash CEO Zuko Wilcox.

Armstrong said: “With the spread of charitable giving to other countries, unfortunately, high tariffs and corruption are widely associated, cryptocurrency is a way around both. It can be used to send money anywhere, anytime directly to the recipient, who only needs to have a mobile device with an Internet connection. The funds will be sent to people who live in developing countries experiencing a financial crisis.”