Coinbase CEO Launches a Cryptocurrency Fund for Charity

GiveCrypto is a global foundation targeting the distribution of digital currencies to people in need.

The charity fund is framed as an “agnostic” platform, indiscriminate of the type of digital currency offered and encourages donations in any cryptocurrency – such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and ZCash.

In an interview with Forbes, Armstrong described his inspiration for GiveCrypto:

“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.”

He said,

“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.”

The fund has already raised $3.5 million so far, including a $1 million funding from Armstrong himself. Chris Larsen, executive chairman and co-founder of Ripple has also donated more than a million dollars to the fund.

Other influencers in the cryptocurrency industry have also donated above $100,000 including cryptocurrency mining giant Bitmain, and venture capitalist Fred Wilson.

Initially, GiveCrypto will use a portion of donated funds to fuel starting operations but plans to eventually reach a structure where 100% of donations go directly to those in need. Recipients of crypto donations will have the option to exchange their funds for traditional money or keep them in cryptocurrency.

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