Coinbase CEO Unveils GiveCrypto Non-profit; Issues “Call to Action” to Bitcoin, Ethereum Early Investors
Brian Armstrong, the co-founder and chief executive of Coinbase – one of the crypto ecosystem’s largest companies – has today unveiled GiveCrypto.org, a philanthropic evergreen fund he co-launched alongside Rose Broom (Co-founder, HandUp.org).
Detailing GiveCrypto.org in a thought-provoking blog post, Armstrong shared his belief that “now is the time to make sure we fold philanthropy and giving back into the fabric of this new industry.” This stance from the Coinbase co-founder is hardly surprising, given he authored a January post entitled ‘Charitable giving with cryptocurrency’.
— Brian Armstrong (@brian_armstrong) June 27, 2018
— Rose Broome (@rosical) June 27, 2018
The Mission of GiveCrypto.org
In a world where billions of people are locked out of the financial system, GiveCrypto.org’s mission is to “financially empower people by distributing cryptocurrency globally.”
Funds will be raised from cryptocurrency holders, and GiveCrypto.org will go on to “distribute small payment to people in need around the world – all using cryptocurrency,” Armstrong explained.
Those living in emerging markets – particularly ones struggling through financial crisis – will be the initial recipients of these funds. Learn more about GiveCrypto.org in the below video.
Coinbase CEO Issues “Call To Action”
The initial goal of GiveCrypto.org is to raise a fund worth $10 million. In his announcement, Armstrong revealed that the charity had already managed to raise about $3.5 million, which included $1 million of his own finances. Per their website, Chris Larsen (Executive Chairman, Ripple) and Zooko Wilcox (CEO, the Zcash Company) have also donated at least $1,000,000.
Directing readers to this this donation page, Armstrong declared his “call to action to the crypto community,” suggesting that if they pooled their collective resources and took to trying the new form of philanthropy, it would make for “a more equitable and open global financial system.”
Our longer-term goal is to reach a $1 billion fund size in the next two years.” – Armstrong
What donations are accepted?
Six cryptocurrencies are listed on the donations page: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XPR), and Zcash (ZEC). As it currently stands, GiveCrypto.org is not accepting any non-crypto donations.
Donations through the site are tax deductible through GiveCrypto.org’s fiscal sponsor, The Pledge Group Foundation (a 501c3 organization).
Whilst donations can be made anonymously, it will not be tax deductible because GiveCrypto.org will not be capable of issuing a receipt in response.
Remarkably, per their FAQ page, the non-profit has “made the commitment that, for now, 100% of donated funds will go to recipients.” The overheads of GiveCrypto.org are being covered by its founding members “for right now.”
With distribution of aid to foreign countries, high fees and corruption are unfortunately common; cryptocurrency is a way to circumvent both.” – Armstrong
Armstrong Concerned with Crypto Culture
Before detailing GiveCrypto.org in today’s announcement, the Coinbase leader – himself an early cryptocurrency investor – notably took to lauding the pioneering philanthropic initiatives of Ripple’s $29 million donation to Change.org, the Pineapple Fund, and EatBCH for having shown responsibility in an industry whose community’s reputation “has been dominated by images of “bros in Lambos,”…[something he feels] doesn’t represent the best of our community.”
Armstrong will remain on the board of GiveCrypto.org non-profit for the foreseeable future. The day-to-day operation, however, will be run by an executive director who will report to, and work directly alongside, Armstrong; a position that is yet to be filled.
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