Coinbase CEO Launches Nonprofit Project “GiveCrypto” With Support from ZCash and Ripple
Every cryptocurrency platform has an agenda to earn profits for their followers and their team. However, Brian Armstrong, the CEO and co-founder of Coinbase, has taken a different path. Rather than adding to his own pocket, he is taking $1 million out of it for a donation to a new project he has developed called “GiveCrypto.” GiveCrypto is setup as a nonprofit organization, which will use the donated tokens to help less fortunate people that are currently living in poverty.
In a statement about GiveCrypto, Armstrong said,
“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.”
Essentially, Armstrong’s overall goal is to use cryptocurrency to empower others.
However, Armstrong is not alone in his efforts to give back to others. Along with the personal donation, both Brad Garlinghouse (CEO of Ripple) and Zooko Wilcox (CEO of ZCash) decided to add to the donation. On an individual level, Ron Conway and Fred Wilson, who are both venture capitalists, have dedicated funds as well.
The actual distribution of these funds is still being worked on. Right now, the donors will be able to give their tokens to needy people, who will later have the option to pull them out as fiat currency. Right now, donations are accepted in the form of BTC, BCH, ETH, LTC, XRP, and ZEC. On the website, the donations are elaborated upon:
“We will be testing out a number of distribution strategies over time. To get started, we’re traveling to regions ourselves to distribute funds in person. We’re also speaking with a handful of nonprofits who could act as distribution partners (organizations with local people operating in markets that we are interested in reaching).”
In the long run, the goal is to develop a decentralized application that will basically be part of a trust network to issue the distributions. Even though they are already in the millions with their donations, their end-of-year goal is for $10 million in crypto that they can spread amongst impoverished people. As with any charitable donation, consumers can write it off at tax time.
There are two different schools of thought regarding this nonprofit. Some enthusiasts see it as a wonderful way to spread the wealth, focusing on specific projects that they can use for distribution. Others seem to think that this action is no more than a publicity stunt or a scam, at best. Coinbase has been relatively straightforward, so time will show what they end up doing with the funds.