Coinbase Starting Its Own Charity
It was only recently that Coinbase decided to reach out to other investors based in the United States in using their crypto fund. Now, the CEO of the company decided that it will launch its own fund but the main focus is philanthropy. Coinbase is joining the long list of foundations such as Denis O’Brien in order to fund the causes that are close to their hearts.
To reach this goal, Give Crypto.org is trying to raise money. Its target goal is to surpass $10 million before 2018 ends. As of writing, they have already accumulated $3.5 million worth of funds. There is an even ambitious goal they are trying to reach in the next two years and that is to increase their assets until it balloons to $1 billion.
Brian Armstrong, the CEO of Coinbase, said that his inspiration for launching their own foundation is the Gates Foundation as well as the acts of charity that has been organized by the crypto community. Examples are the Pineapple Fund, OMG donating to GIveDirectly the amount of $1 million and Ripple gave XRP worth million to educational institutions. These are only some of the examples by which crypto can leave a positive footprint globally.
According to Armstrong, there are many people who invested before crypto became a worldwide trend and these are the same individuals that have gathered a lot of wealth in just a short span of time. The problem is that the crypto community does not have a very good reputation because of the attention the media is giving to bros in Lambos which is far from what the community is all about. Armstrong added that there are many people in the crypto community that wanted to use the technology to reach more people through charity works. From his personal money, Armstrong has given GiveCrypto.org a donation worth $1 million.
Unlike the Denis O’Brien foundation where the recipients are either given cash or material donations, crypto charity fund is going to use a number of mediums such as direct to cash transfer, hodling and transfers from one crypto account to another.