Coinbase Founder Launches Cryptocurrency Charity Project
The arrival of cryptocurrencies has created a new bunch of millionaires who are willing to share their knowledge and wealth with those who are looking for some support to raise their standard of living. However, there is a lack of reliable platform that can accept cryptocurrencies from philanthropists. As a solution to this issue, Brian Armstrong, the CEO of cryptocurrency exchange Coinbase has announced the launch of a new charity project named Givecrypto.org.
The platform facilitates cryptocurrency donations to those people living in poverty and face financial crisis. The platform receives cryptocurrencies from donors, converts it into fiat money, and makes cash transfers to those in need.
The recipients can then use it in their local economy. No middlemen are involved in the process of distribution of funds raised for charity. Presently, donations can be made in Bitcoin Cash (BCH), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Zcash (ZEC).
The platform has already raised $1 million. Notably, Brian Armstrong, Chris Larsen (executive chairman – Ripple) and Zooko Wilcox (CEO-Zcash) have already donated $1 million plus through the platform. Other notable donors include Brad Garlinghouse (CEO-Ripple), Roger Ver (Bitcoin.com), Bitmain and Ted Rogers (Xapo). Provided a donor conveys acceptance through opt-in facility, a fraction of donations above $25,000 will be used to cover the costs of operating the Givecrypto platform.
The website says
“Two billion people have smartphones, but don’t have access to basic financial services. We give cryptocurrency to people to help connect them to an open financial system. Recipients can; cash out crypto to their local currency, buy goods and services they need, and, transact in crypto or hold it long term.”
“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.”
Being a noble project, we expect more donors to come forward in contributing a fraction of the fortunes they made from the cryptocurrency market.