Brian Armstrong, CEO and founder of popular cryptocurrency exchange Coinbase, has announced a new charity project aimed at raising funds for those in need.
Entitled Givecrypto.org, the platform allows holders of cryptocurrency to donate to people living in poverty-stricken nations. Funds will be used to ease financial pressure and improve living conditions for citizens of emerging climates.
The website provides a simple method for users to donate digital assets which will then be provided directly to those in need. The removal of a middleman means no funds are lost unnecessarily due to admin costs and ‘red tape’.
The website states that while many people in 3rd world nations have mobile phones they are often still living in poverty. The project provides a system for recipients to receive funds directly to their phone and cash it out in local currency.
“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.”, says Armstrong.
Supporters of the project can make donations in Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP and Zcash. While all funds go directly to those in need, the platform asks that those who can afford donations of $25,000 or more agree to allow for some funds to support the website.
The project has already raised over $1 million in an initial round of fundraising prior to the launch yesterday.
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