Coinbase CEO Brian Armstrong wants to help unbanked individuals around the world gain access to financial services.
On Wednesday, the exchange's co-founder announced he was launching a nonprofit organization to financially empower people and donate cryptocurrency to the unbanked worldwide. GiveCrypto.org aims to partner with other nonprofit entities to find potential recipients who could benefit from these cryptocurrency donations.
In a release, Armstrong wrote that "most people I respect and know in the crypto ecosystem believe we have a moral responsibility to shepherd this technology forward in a way that allows it to reach its full potential." He cited lower fees, reduced transaction times, micropayments and mobile device-friendly payment systems as some of the advantages for blockchain technology.
"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 nonprofit aims to raise $10 million by the end of 2018 and increase its funding to $1 billion within the next two years, he said. He plans for the organization to "give away less than the amount that the fund grows each year," ensuring its longevity.
Initial recipients will live in "emerging markets who are going through financial crisis," Armstrong said.
Coinbase image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Credit Rating Firm Backs $8 Million Fundraise for Crypto Alternative
A startup looking to build a credit scoring protocol on top of the recently-launched Ontology blockchain has raised $8 million in seed funding.
POINTS, founded in 2017, said it drew funding from a
Barclays Seeks Twin Blockchain Patents for Banking Services
Barclays Bank may be looking to blockchain to streamline fund transfers and know-your-customer processes, according to newly-released patent applications.
The U.S. Patent and Trademark Office publi
Congressman's Call for Crypto Ban Sparks Social Uproar
In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman.
On Wednesday, Congress hosted a pair of back-to-back hearings on the topic of cryptocurrencies (read CoinD
Bitcoin could take a major chunk of change from gold, crypto expert says
Bitcoin back above $7,000 has crypto bulls believing in the rally again. To one crypto expert, the leading cryptocurrencyâs long-term move could be stratospheric. Such a move will be fueled by a
Bitcoin hasn't bottomed yet, says crypto trader who predicted it could reach $50,000 by year's end
Bitcoin is rallying. The digital tokens were priced around $7,400 on Thursday at 5:30 p.m. ET â an increase of more than 10 percent from a month ago, according to Coinbase. But Arthur Hayes, the
It Took Just A Day for Tron's Founder to Win His Own Blockchain's Election
An unconventional candidate has triumphed in tron's ongoing blockchain elections: the project's founder Justin Sun.
After announcing his candidacy to become a tron "super representative" (a node on
Ethereum Scaling Solution Raiden Releases Last Testnet Before Launch
A new test network has been launched for Raiden, the ethereum payments channel project.
Announced at the Dappcon developer conference in Berlin on Thursday, the release features a minimal implement
Malta Stock Exchange Inks Deals to Build Security Token Exchanges
MSX, the newly launched fintech arm of the Malta Stock Exchange, has inked several new deals aimed at creating new marketplaces for tokenized securities.
The newly inked deal sees MSX team up with