Tag: Charity

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Coinbase CEO Pledges Wealth For “The Greater Good”

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.”

Historic Move

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.”

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Coinbase Supports Syrian Refugees In Greece With Bitcoin (BTC)

Coinbase is still going strong with its “12 Days of Coinbase”, a twist on the popular refrain and song, “12 Days Of Christmas”. It appears as though this is another announcement in conjunction with GiveCrypto, a nonprofit that seeks to distribute cryptocurrency to those in need as quickly and efficiently as possible.

How It Works

This time, Coinbase will supporting a new project that provides a basic income to over 150 Syrians that are currently living in Greece. The official gift given to the organization from Coinbase is $10,000 in Bitcoin (BTC).

The business model is quite innovative. GiveCrypto has partnered with Sempo. Sempo and GiveCrypto have an established network of vendors that are willing to provide fiat money in exchange for cryptocurrency. As a result, cryptocurrency is the “bridge” for the donations in the local communities. The business model has already been implemented previously in Beirut and Kurdistan, as well.

Quite A Statement

Coinbase certainly did not have to make the political statement of supporting Syrian refugees. The company is one of the most well-known companies in the cryptocurrency space, and the issue is controversial, with over 30 governors of the United States claiming that Syrian refugees were not welcome in their specific states.

A recent video of a 15 year-old Syrian refugee by the name of Jamal being attacked in the UK has gone viral and made headlines internationally, underscoring the idea that Europe is becoming more “far-right” in nature with regards to the refugee crisis.

Internationally known street artist Banksy has previously pointed out that Steve Jobs was the son of a Syrian migrant, and depicted this point in his art years ago in his own commentary of the Syrian refugee crisis. He stated: “We’re often led to believe migration is a drain on the country’s resources but Steve Jobs was the son of a Syrian migrant,” Banksy wrote. “Apple is the world’s most profitable company, it pays over $7 billion a year in taxes –- and it only exists because they allowed in a young man from Homs.”

This marks Coinbase’s sixth announcement in the “12 Days of Coinbase” series.

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Coinbase Gives Away Crypto

Coinbase is one of the most widely used platforms in the cryptocurrency sector, which is why it has recently been valued at $8 billion. However, it appears on the second day of its series, “The 12 Days Of Coinbase”, the company is thinking about how it can give back to the community. In fact, Coinbase is teaming up with GiveCrypto to empower some of the less fortunate. For those who are unfamiliar, GiveCrypto is a nonprofit that aims to distribute cryptocurrency to those that are living in poverty, and is headed by CEO Brian Armstrong. The nonprofit has already raised over $4 million.

Coinbase’s focus is on one specific town in Venezuela, that is named Santa Elena de Uarien. Coinbase seeks to place $1 USD worth of crypto in 100 families’ crypto wallets every day for 3 months. The cryptocurrency used will be ZCash (ZEC). The network of families have already been established, thanks to Givecrypto.

For those wondering why cryptocurrency is given rather than cash – the answer is obvious, if you pay attention to the news. Venezuela is currently undergoing a massive socioeconomic crisis due to the hyperinflation of its currency. The crisis has been ongoing for some time now, and the economic collapse has even led to children starving, as well. Cash gifts are not exactly “stable” in that sense, while cryptocurrency can be much more useful with regards to purchasing food and other goods in this country specifically. The situation has gotten so dire that thousands of Venezuelans are reportedly fleeing from the country on a daily basis.

Coinbase makes it clear that it does not view their donation as some sort of permanent solution, but instead states: “We also know that this gift is just a start. Givecrypto.org and peer organizations will need more support from us and the community as they create inroads where crypto can help.”

The announcement ends by urging the reader to consider contributing to GiveCrypto, as well.