Brian Armstrong, CEO of Coinbase, one of the largest cryptocurrency exchanges in the USA, has had a new idea to benefit poor people from across the world that would need economic help to get out of poverty. This new non-profit fund is called GiveCrypto, and just consists in giving direct help to people in need, according to an article published By Fortune.
GiveCrypto is the product of the thoughts of Brian Armstrong, that has always thought that cryptocurrencies have an incredible potential to do good in the world. Their mission is to financially empower people by distributing cryptocurrency globally; this as simple as it is may sound may do very good for poor people in risk areas all over the world.
In 2015, the World Bank estimated that more than a billion people lived in poverty. Brian Armstrong, the GiveCrypto founder believes that cryptocurrencies can play a pivotal part in bringing this value down. Being founded by various cryptocurrency millionaires, it will shift these donation resources directly to the people who need it, rather than acting through bureaucratic state organization, bypassing possible corrupted state organizations in the process.
Crypto is the most popular and logic answer to the issue of money distribution. Because most of the world citizens are still unbanked, they leverage the power of cryptocurrencies and their networks to bypass banks and state-imposed controls. And they opted to give cryptocurrency directly to people in need because this has shown to be effective for lowering poverty directly; A study found that Cash transfers have the strongest track record we’ve seen for a non-health intervention, and are a priority program of ours.
The most difficult problem in all of this will be the determination of the people that really need this resources, and avoid embezzlement and theft from the people in charge: they will try several options and systems to register donations and keep track of them; they have talked with several nonprofits to articulate the sending and retrieval of the money involved into their given cryptocurrency accounts.
This initiative will be kickstarted by its CEO, donating more than 1 million dollars, and it is expected to collect more than 100 million to be distributed directly as crypto donations to the poor.