In recent years, cryptocurrency related businesses have earned millions, if not billions in revenue. With this influx of cash, many of these business have begun to address social issues and societal needs.
Coinbase’s CEO, Brian Armstrong, recently announced his company’s charitable foundation, GiveCrypto. The foundation will raise funds to help finance international humanitarian causes. This movement could certainly help to expand the popularity of the industry, and research more use cases for projects and their adaptability in a great variety of industries.
Donations can be purchased directly in cryptocurrency, according to the company, preventing corruption or alteration of funds and by allowing free transfers to high commissions without intermediaries that may slow down the process.
“The cryptocurrencies are unique in the sense that they can be used to send small amounts of money anywhere in the world, in real time directly and to the individual who needs it; you only need a mobile device with an Internet connection. With the distribution of aid to foreigners, high rates and corruption are unfortunately common; but digital currencies are the way to go to avoid it.”
according to Armstrong in an official statement. To date, ‘GiveCrypto’ has raised more than $3.5 million, including $1 million from Armstrong himself. Chris Larsen, Ripple’s Chief Executive, also contributed $1 million to the charitable cause. It should be noted that the main objective of Coinbase with this foundation is to raise US $10 million before starting the donations.
by Samuel Larreal
