Armstrong announced the initiative GiveCrypto ter a blog postbode on Wednesday.
Cryptocurrency investors have amassed a lotsbestemming of money te a brief amount of time, and now it is time to give back. That is the philosophy which inspired Brian Armstrong, Coinbase CEO to launch a fresh charitable fund, TNW reports .
Armstrong announced the initiative GiveCrypto te a blog postbode on Wednesday.
— Brian Armstrong (@brian_armstrong) 27 June
The fund aims to provide onmiddellijk funding te cryptocurrencies to people te need all across the globe. Armstrong suggests that this will also help popularize cryptocurrencies further and explore fresh use cases.
According to Armstrong, donations made ter cryptocurrency will also reach the people directly without the possibility of corruption.
“Cryptocurrency is unique te that it can be used to send petite amounts of money anywhere ter the world, ter real-time directly to an individual ter need — they just need a mobile device with an internet connection. With distribution of aid to foreign countries, high fees and corruption are unluckily common, cryptocurrency is a way of circumventing both,” he wrote.
GiveCrypto has already raised $Trio.Five million so far, including a $1 million funding from Armstrong himself. Chris Larsen, executive chairman and co-founder of Ripple has also donated more than a million dollars to the fund.
Other influencers te the cryptocurrency industry have also donated above $100,000 including cryptocurrency mining giant Bitmain, and venture capitalist Fred Wilson.
The fund will start distributing the donations merienda it has raised $Ten million. But the long-term purpose of GiveCrypto is to raise more than a billion dollars overheen the next two years.
Armstrong says the current picture of cryptocurrency community has bot predominated by what he calls “bros ter lambos.” But, he would rather have the community take inspiration from initiative like Ripple’s funding to public schools and the pineapple fund.
It is worth noting that this is Armstrong’s individual initiative, and not a formal enterprise of Coinbase.