There are few companies that are more important to the cryptocurrency sector than Coinbase, which is valued in the billions and already one of the most established “names” in the space. It appears as though the CEO of Coinbase, Brian Armstrong, understands that the wealth he has already accumulated can have a massive impact, and he has decided to donate the majority of his wealth for the “greater good”.
The Giving Pledge
For those that are unaware, some of the most famous entrepreneurs and investors in the world have signed The Giving Pledge. The campaign began almost a decade ago in 2010, when two of the richest men in the world, Bill Gates and Warren Buffett, pledged to give away most of their wealth for the benefit of humanity. Of course, this inspired others to do so, and many billionaires have signed on since then.
Billionaire Investor Warren Buffett
Brian Armstrong is the first cryptocurrency entrepreneur to do so, and pointed out that he seems to understand the power of philanthropy more than ever. He stated: “This year, I started my first philanthropic effort, GiveCrypto.org, which makes direct cash transfers to people living in poverty. I’m excited about the potential for this organization to help people, but I’m still early on my journey of discovering how to have the most impact via philanthropy.”
Armstrong is worth over a billion dollars, according to Forbes. This does raise the question of whether others who have attained a certain amount of wealth – thanks to cryptocurrency – will follow suit.
The Coinbase CEO elaborated that he believed that after a certain level, wealth should be utilized for social impact. Specifically, he said: “Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One’s ambition begins to move outwards. I’ve always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth.”