Coinbase's charity event comes under fire

Venezuelans continue to break all imaginable records both in terms of inflation and in the number of purchases of military-technical cooperation. However, the offer of a free distribution of the Zcash cryptocurrency from the Coinbase crypto exchange caused a wave of indignation.

Coinbase has launched the “12 Days of Coinbase” charity event to help struggling families in Venezuela. The crypto platform is donating $10,000 Zcash (ZEC) to GiveCrypto.org, a non-profit organization that distributes cryptocurrency to people living in poverty.

The Coinbase blog post highlights:

At Coinbase, we are committed to building the open financial system of tomorrow by not only allowing people to buy cryptocurrency, but to use it. GiveCrypto.org uses some of the best parts of this system - cross-border accessibility, the ease of small payments, and real-time transfers - to empower those who are lacking in our current economy. Coinbase Helps Those in Need

ZEC's $10,000 donation will support the GiveCrypto.org project in the Venezuelan border city of Santa Elena de Uairen.

With the donation received, the nonprofit will donate $1 in funds every day for 3 months to one hundred families enrolled in the GiveCrypto.org program. These funds can be spent through the Bonnum mobile wallet. 

In the border town of Santa Elena, there are local shops that accept cryptocurrency and sell essentials and food. Cryptocurrency for $1 a day will allow families, according to the organizers of the campaign, to “buy 1-2 kilograms of protein products or 2 kilograms of carbohydrates and vegetables.”

However, the crypto community doubted the good intentions of Coinbase. Twitter is full of indignant comments about the cynical use of the plight of Venezuelans to advertise their own product. Primarily blaming Brian Armstrong, CEO of Coinbase and founder of GiveCrypto.org, in using the Venezuelan meme for his business interests.