Brian Armstrong, co-founder and CEO of Coinbase, announced the launch of a charitable cryptocurrency fund called GiveCrypto. Armstrong plans to attract $ 1 billion in the next two years. This is reported by Brian himself via Twitter.
According to Armstrong, having managed to earn big money on bitcoin and other crypto-currencies, community members should help the needy all over the world, and not position themselves as cool guys in Lamborghini. This will help to open new scenarios for the use of cryptocurrency, and, undoubtedly, will promote its further popularization.
He also noted that donations in the cryptocurrency can reach people directly, eliminating the likelihood of corruption and abuse.
Cryptocurrency is unique in that it can be used to send small amounts of money anywhere in the world, in real-time directly to an individual in need — they just need a mobile device with an internet connection. With distribution of aid to foreign countries, high fees and corruption are unfortunately common; cryptocurrency is a way of circumventing both.
To date, the fund has already raised $ 3.5 million, of which $ 1 million was personally invested by Armstrong. Also reported that the contribution of more than $ 1 million was made by the executive chairman and co-founder of Ripple Chris Larsen.
Other contributors are Chinese mining giant Bitmain and venture capitalist Fred Wilson; they contributed more than $ 100,000 each.
GiveCrypto plans to start helping those in need after the amount of donations reaches $ 10 million, but the long-term goal of the fund is $ 1 billion over the next two years.