Ripple CEO supports Coinbase’s Brian Armstrong’s Crypto Charity Fund
Coinbase CEO Brian Armstrong seeks to launch a new project- non-profit crypto charity, GiveCrypto. He donated $1 million donations to the charity. His vision is to financially support the people by distributing cryptocurrency globally. The charity distributes cryptocurrency to people living in poverty. In an interview with Fortune Brian revealed,
“I started thinking about this last year when I saw all this money people were making in crypto. The goal is to target people in poverty and economic crisis.”
Ripple’s CEO Brad Garlinghouse and ZCash’s CEO Zooko Wilcox are also a part of the $100,000 and up donation category along with venture capitalists Ron Conway and Fred Wilson.
The thought process behind the project is- The best way to help people out of poverty is to give them money—including cryptocurrency. GiveCrypto is an international venture which distributes bitcoin and other digital currency directly to people in need.
people who are in need can receive crypto funds. After which they can decide whether to keep the funds in cryptocurrency or exchange them for traditional money. The aim of the charity is to raise $10 million by the end of this year and grow to a fund of $1 billion in the next two years.
Their website reads, “We will be testing out a number of distribution strategies over time. To get started, we’re traveling to regions ourselves to distribute funds in person. We’re also speaking with a handful of nonprofits who could act as distribution partners (organizations with local people operating in markets that we are interested in reaching).”
The charity majorly aims to build a decentralized application in the future to establish a trust network for distributions. In addition to this sources states that these donations are tax-deductible through the organization’s fiscal sponsor the “Pledge Group”.
What will people do when they receive cryptocurrency?
- Cashout to local currency: Some will exchange it to their local currency to buy what they need most in that moment. This is a great outcome because our primary goal is simply to help people in need. We’ll need to help people find and connect with local exchanges to make this easier.
- Hold: The second thing they might do is hold onto the cryptocurrency. In this case, they start to benefit from the future potential upside of this technology.
- Crypto-to-crypto transfers: Finally, if there is enough density in certain regions, we may be able to spark local crypto economies, where people start to transact with crypto-to-crypto payments, especially in places around the world going through financial crisis. [medium]
Image via Shutterstock
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