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.”
According to newsbytesapp.com
You May Also Like
Roger Ver doesn't believe BCH will fail
Roger Ver, one of the most famous cryptocurrency proponents and often referred to as the Jesus of Bitcoin, is having difficulty leading the “second coming of the world’s largest cryptocurrency.”
Former Visa executive joins Nuggets
Kevin Jenkins, former managing director of Visa, has joined crypto company Nuggets as a board member. British company Nuggets has already achieved significant success in the field of payments and digital storage around the world, including in China. Jenkins' years of experience will further contribute to this success.
