Coinbase has launched its GiveCrypto charity fund following an announcement this week.
Company co-founder and CEO, Brian Armstrong, announced via a blog post that “GiveCrypto.org’s mission is to financially empower people by distributing cryptocurrency globally.”
Advance real-world use of crypto
Armstrong, who first indicated his intentions to implement a charitable venture involving cryptocurrency in January of this year, has publicly stated the three goals behind his GiveCrypto charity;
“Help people in need by sending money to them directly, advance real-world usage and benefits of cryptocurrency, and provide universal access to an open financial system.”
The initial aims of the GiveCrypto charity are to raise a USD 10 million fund, after which the exchange will assemble a department to oversee payment distribution via trustworthy local volunteers in markets targeted by the charity.
As of writing USD 3.5 million of the required initial fund has been already raised.
When asked why the time was right to launch the GiveCrypto charity now, Armstrong commented –
“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention. This doesn’t represent the best of our community. Most people I respect and know in the crypto ecosystem believe we have a responsibility to help this technology reach a much wider audience.”
Distribution will be the hardest part
As with any charitable venture that deals in significant sums of money, GiveCrypto will face many of the same issues, such as corrupt governments, and thieves.
This is a challenge that has been a thorn in the side of traditional charities for decades, and Armstrong recognizes that GiveCrypto will have to look for answers to the same questions when he admits that “distribution will be the hardest part.”
Despite this, he’s still optimistic that the project will be a success, and points to examples elsewhere in the crypto world of charitable acts –
“It’s still very early days in crypto and yet we’re already seeing philanthropy in cryptocurrency, from Ripple giving away $29 million to public schools to the Pineapple Fund or projects like EatBCH. Now is the time to make sure we fold philanthropy and giving back into the fabric of this new industry.”
Suggestions are that GiveCrypto will also look at experimenting with other methods for distributing funds, such as aligning with already established nonprofits, and the building of an app to keep track of distribution.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.