Coinbase CEO wants to give back with GiveCrypto

The fund has already raised over $3.5 million to be donated to people in need

Brian Armstrong via GiveCrypto

If there is one thing that cryptocurrencies should be able to do, it’s spreading wealth. And there are quite some crypto investors who’ve made a lot of money over the last years. For one of them, it’s time to give back.

Coinbase CEO Brian Armstrong announced his new initiative named GiveCrypto in a medium blog.

Armstrong, a strong believer in the crypto ecosystem, believes there’s a responsibility in helping the technology reaching a wider audience. A greater good, something he claims is needed because “the reputation of the crypto community has been dominated by images of ‘bros in Lambos’, whose antics get a lot of attention”.

GiveCrypto is aimed to provide direct funding in crypto’s to those in need all over the world. It will function as a nonprofit organisation that will hold and distribute cryptocurrencies to those in need – giving away less than the amount that the fund grows each year.

There’s a good reason to use cryptocurrencies in nonprofit. It’s a unique technology that can be used to send small amounts of money to anyone, anywhere in the world. Even to countries that are known for corruption and high fees:

“Cryptocurrency is unique in that it can be used to send small amounts of money anywhere in the world, in real-time directly to an individual in need — they just need a mobile device with an internet connection. With distribution of aid to foreign countries, high fees and corruption are unfortunately common; cryptocurrency is a way of circumventing both.”

As for now, the fund has already raised over $3.5 million, of which $1 million was a gift from Armstrong. Ripple co-founder Chris Larsen donated a similar amount to GiveCrypto, and others are following.

Distribution of donations will begin once $10 million is raised. GiveCrypto will distribute payments via local ambassadors, although experiments with other distribution methods are not out of the questions.

Even though the initial goal is $10 million, Armstrong hopes to raise more than a billion over the next two years, once there’s a demonstrated track record.

You can donate to GiveCrypto here.

Watch the launch dinner here:

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Written by Pete Gabriel

Journalist and tech lover.