Coinbase CEO Launches Worldwide Crypto Charity
GiveCrypto.org is a nonprofit that will both hold and distribute crypto to those in need. It’s an evergreen structure, meaning it gives away less than the amount that the fund grows each year.
The morals will facilitate a way for charitable parties to donate cryptocurrency, and the giving structure will ensure the longevity of the project. Armstrong refers to the moral responsibility the crypto ecosystem has to guide Blockchain technology forward to reach its full potential.
He also references his aim to reshape the reputation of the crypto community. Originally represented by “Bro’s in Lambos”, he believes this stereotype has misrepresented the community and wants to change that by giving back.
Armstrong also noted the benefits of leveraging Blockchain historically and in the future:
“Many who invested early in cryptocurrencies understood it could make the financial system more efficient, lower fees, and reduce transaction times. Early adopters saw the potential to unlock widespread innovation if the internet had a native currency. And almost everyone I met in the community early on believed cryptocurrency could finally bank the unbanked of the world—the billions of people who are locked out of the financial system and trapped in poverty as a result.”
GiveCrypto.org aims to raise $10 million as their first goal. Then with a demonstrated track record implement a two-year goal for $1 billion in funding.