Brian Armstrong, CEO and Co-Founder of Coinbase, the world’s largest currency exchange, has launched a charity organization to donate cryptocurrency to the needy and unbanked. For all those people around the world facing a financial crisis or having no access to banks at all, Armstrong wants to make sure every individual of the world is financially stable and keeps up with the modern technological trends.
Armstrong announced on 27th June that he will be launching a Nonprofit called GiveCrypto to empower, educate, and elevate communities into the open financial system. Their aim is to take funds from early crypto holders and distribute to the needy or people in economic crisis. The Founder stated that:
“Given the enormous wealth creation from cryptocurrency, and the future potential upside, I believe there is a rare opportunity to create a large non-profit fund.”
The fact to note here is that most people globally have access to smartphones but not everyone has the understanding of online banking and digital currency buying and trading. They also don’t have the access to basic financial service. GiveCrypto will donate cryptocurrency to the needy by providing an open financial system which promises to provide convenience and have many benefits, such as recipients can:
- Cash out crypto to their local currency
- Buy goods and services they need
- Transact in crypto or hold it long term
The organization’s first milestone is to raise $10 million by the end of 2018. Armstrong came up with the idea for GiveCrypto after seeing the “enormous wealth creation” from cryptocurrency and thought about using it for good. His personal mission is to help accelerate the world to an open financial system by spreading the adoption of cryptocurrency and to financially empower people by distributing cryptocurrency globally.