Coinbase CEO Brian Armstrong wants to help unbanked individuals around the world gain access to financial services.
On Wednesday, the exchange's co-founder announced he was launching a nonprofit organization to financially empower people and donate cryptocurrency to the unbanked worldwide. GiveCrypto.org aims to partner with other nonprofit entities to find potential recipients who could benefit from these cryptocurrency donations.
In a release, Armstrong wrote that "most people I respect and know in the crypto ecosystem believe we have a moral responsibility to shepherd this technology forward in a way that allows it to reach its full potential." He cited lower fees, reduced transaction times, micropayments and mobile device-friendly payment systems as some of the advantages for blockchain technology.
The nonprofit aims to raise $10 million by the end of 2018 and increase its funding to $1 billion within the next two years, he said. He plans for the organization to "give away less than the amount that the fund grows each year," ensuring its longevity.
Initial recipients will live in "emerging markets who are going through financial crisis," Armstrong said.
Coinbase image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.