Coinbase, a Californian-based cryptocurrency exchange began a “12 days of Christmas” event on December 10 and it will run till December 21. The company performs a service or adds a feature to its platform on each day. One of such services is the donation of $10,000 worth of Bitcoin to 150 Syrian refugees in Greece.
Bitcoin Donation to Syrian Refugees to Aid Easy Access to Funds
Givecrypto.org and Sempo, are two platforms that have partnered with Coinbase to ensure that refugees can get quick access to funds. This is due to the level of difficulty these people face before they can gain access to financial services. Also, they cannot avoid the transaction fees levied on the funds by banks which only helps to reduce the money.
Therefore, Coinbase settled for Bitcoin since it can be transferred directly to their wallets and it can be accessed easily. The company revealed that transaction fee is not applied and as such, the exact amount that is sent, is what the recipient receives. This quick mode of transfer also ensures that they receive donations without delays.
Goods and Service are Purchased Using the Donated Bitcoins
Givecrypto and Sempto, on the other hand, help Syrian refugees to locate service providers that are willing to trade their goods or cash for the virtual currency. As such, they can easily exchange the Bitcoin for fiat money or make purchases. This also helps to encourage the widespread use of the digital asset in the country.
Today makes it the 9th day of the event and so far, several features have been added to the Coinbase platform. For instance, a “Convert” feature was included yesterday and it will enable customers to covert one cryptocurrency to another. Accordingly, users in 34 countries who use Coinbase can convert Bitcoin, Ethereum etc. to other virtual currencies.
Coinbase Allows US Citizens to Transfer Wallet Balance to Paypal
Another remarkable development in the course of this event occurred on the 5th day of celebration. On this day, a Paypal withdrawal function was added on Coinbase. This feature is limited to people living in the US. Its purpose is to enable them to withdraw their balances directly to Paypal. This is one of the few exchanges, if not the only one that has this feature.
On the 7th day, training was carried out to educate people about the company’s stable coin, USDC. In line with that, more features are expected to be added on Coinbase which in one way or the order, will promote the use of cryptocurrencies. This is because the company has said that there will be new features every midday.