Brian Armstrong, the co- founder and Chief Executive Officer of cryptocurrency exchange Coinbase, has announced the launch of Givecrypto.org, a cruptocurrency-based charitable fund.
The nonprofit organization, which distributes cryptocurrency to people living in poverty aims to raise a $10 million fund initially. The initiative so far has raised about $3.5 million, including an initial donation of $1 million from Armstrong. The company targets $1 billion fund size in the next two years.
In a blog post, Armstrong said the initiative plans to raise funds from crypto holders and distribute small payments to people in need around the world, initially in emerging markets. He specified that the first recipients will be those going through financial crisis.
Armstrong said he always believed that cryptocurrency has the potential to bring economic freedom to people all over the world.
"Most people I respect and know in the crypto ecosystem believe we have a responsibility to help this technology reach a much wider audience," he said.
In March, cryptocurrency startup Ripple had donated $29 million of its own digital currency XRP to fund public schools, perhaps the largest-ever cryptocurrency charity. Others who followed suit include Pineapple Fund, a project by an anonymous individual , which gave away 5,057 Bitcoins to charity; and EatBCH, a peer-to-peer electronic cash-to-food system.
For comments and feedback: editorial@rttnews.com