Coinbase CEO Advocates Crypto Wealth Profits into Charitable Contributions via The Giving Pledge
When an investor ends up accruing a lot of wealth from there endeavors, there are usually two schools of thought – put it towards something personal or use it to benefit others.
Like many others in the upper-class world, CEO Brian Armstrong of Coinbase had decided to use a significant portion of his net worth to benefit charitable causes, according to a recent The Giving Pledge blog post.
The Giving Pledge was a website established in a collaborative effort between Bill Gates and Warren Buffet. Their hopes were that this website would urge those with significant wealth to award their revenue to a worthy cause that truly needs it.
In the post by Armstrong, he said,
“Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. … Whether it’s through improving education, creating a more level playing field, or increasing economic freedom, I’m interested in helping more people see their ideas come to fruition in the world.
Armstrong’s pledge to donate was signed through a tweet on Thursday. The tweet read,
“I’m still early in my journey of discovering how to have the most impact via philanthropy. Today, I’m proud to join the Giving Pledge as part of this journey.”
This pledging website is meant to help correct some of the biggest issues in the world that need financial support.
In its self-description, The Giving Pledge says that it does so by
“inviting the world’s wealthiest individuals and families to commit more than half of their wealth to philanthropy or charitable causes either during their lifetime or in their will.”
So far, Armstrong has not publicly confirmed the amount of his wealth that he’s decided to contribute to the causes. Instead, he discussed a new effort he’s begun, saying,
“This year, I started my first philanthropic effort, GiveCrypto.org, which makes direct cash transfers to people living in poverty. I’m excited about the potential for this organization to help people, but I’m still early on my journey of discovering how to have the most impact via philanthropy.”