Yesterday, the founder and CEO of cryptocurrency exchange Coinbase – Brian Armstrong, has announced the start of a new project named Givecrypto.org.
Givecrypto.org is a cryptocurrency based charity platform which has been established to allow people with cryptocurrency to donate to other people in need. The platform aims to assist those living in ‘emerging climates’ to ease the pressure of financial crisis and to assist those living in poverty.
WIthin the website, users simply just donate a sum of cryptocurrency, this is then moved on my the platform and donated directly to those who need it. A benefit of this compared to traditional charity donation is that the person in need gets all of the money. No middle man means that the person in need gets the full amount of financial help. Sometimes within traditional charity, donations go on to serve multiple purposes (which in turn all obviously do help the cause of the charity) however with Givecrypto.org, the help is sent directly to those who need it.
The platform has already raised over $1 Million.
According to Givecrypto.org:
“Two billion people have smartphones, but don’t have access to basic financial services. We give cryptocurrency to people to help connect them to an open financial system.Recipients can; cash out crypto to their local currency, buy goods and services they need, and, transact in crypto or hold it long term.”
Moreover, according to Armstrong:
“Given the enormous wealth creation from cryptocurrency, and the future potential upside, I believe there is a rare opportunity to create a large non-profit fund.”
At present, donations can be made in Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple XRP and Zcash.
As mentioned, all donations are being used to directly send finance to those in need, however, the website does stipulate that those willing to donate over $25,000.00, are able to agree to have some of their donation used to help cover the costs of the Givecrypto.org platform. This is an opt-in process however, otherwise, your donation still gets sent to a person in need in its entirety.
This is a great platform and a very noble project. Armstrong is using his position as a leader in the crypto-world to give something back and re-empower those who need assistance. Incredibly, this is exactly what cryptocurrency was made for and therefore, this really is taking advantage of the nature of crypto. Hopefully, when the markets start moving back upwards, more people will be in a position to donate. They have made over $1 Million already and the platform has been live for a day (okay, these donations came prior to launch) but even so, imagine how many donations they are going to have to handle when prices surge again?