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.
Watch the launch dinner here: