Coinbase CEO launches charitable cryptocurrency fund

Cryptocurrency investors have amassed a lot of money in a short amount of time, and now it is time to give back. That is the philosophy which inspired Brian Armstrong, Coinbase CEO to launch a new charitable fund.GiveCrypto is a new nonprofit charity that distributes cryptocurrency to people in poverty. Launched today and founded by Brian Armstrong, CEO of Coinbase, the aim is to financially empower people who need it the most around the world. Cryptocurrencies that the charity accepts include Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and Zcash.
Interestingly, while two billion people have a smartphone, over 1.7 billion adults worldwide don’t have access to basic financial services, according to the World Bank’s Global Financial Inclusion Database. 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. As per Armstrong, donations made in cryptocurrency will also reach the people directly without the possibility of corruption. The best way to help people out of poverty is to give them money—including cryptocurrency. That’s the thinking behind GiveCrypto, a new global endeavor to distribute bitcoin and other digital currency directly to people in need.