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On June 27 the CEO and co-founder of Coinbase, Brian Armstrong, announced the launch of a new cryptocurrency powered charity called Armstrong says he’s always believed in the power of cryptocurrency funded philanthropy and explains the new nonprofit is all about empowering, educating, and elevating global communities.  

Also read: Cryptocurrency Firm Circle Sees Institutional Interest Spike 30% Aims to Empower Those in Need With Cryptocurrencies

This Wednesday the CEO of Coinbase Brian Armstrong introduced his new nonprofit called Givecrypto which aims to “distribute cryptocurrency to people living in poverty.” In recent a Medium post, Armstrong explains the funds will derive from cryptocurrency holders and Givecrypto will distribute small payments to people all around the globe.

Coinbase Founder Launches Cryptocurrency Fueled Charity 'Givecrypto' “Initial recipients will be people living in emerging markets, especially those going through financial crisis,” Armstrong details.

The goals behind are to help people in need by sending money to them directly, advance real-world usage and benefits of cryptocurrency, and provide universal access to an open financial system.

Crypto-Luminaries With Deep Pockets Can Donate to Those in Need Rather Than Buy Lambos

Givecrypto donors can send funds with the cryptocurrencies such as BTC, BCH, ETH, LTC, XRP, and ZEC. So far the organization has raised a bunch of funds from users donating $1Mn to over $10K USD from blockchain luminaries, firms, and venture capitalists such as Zooko Wilcox, Chris Larsen, Joanne and Fred Wilson, Matthew Roszak, Roger Ver, Fred Ehrsam, Ted Rogers, and Bitmain.

Coinbase Founder Launches Cryptocurrency Fueled Charity 'Givecrypto'
The website.

Armstrong states that people who have invested in cryptocurrencies from the early days have amassed tons of wealth over the years. However, the Coinbase CEO has noticed the image of “bros in Lambos” has misrepresented the crypto-community as a whole.

“This doesn’t represent the best of our community. Most people I respect and know in the crypto ecosystem believe we have a responsibility to help this technology reach a much wider audience,” explains the Coinbase founder.

It’s still very early days in crypto and yet we’re already seeing philanthropy in cryptocurrency, from Ripple giving away $29 million to public schools to the Pineapple Fund or projects like Eat BCH. Now is the time to make sure we fold philanthropy and giving back into the fabric of this new industry.    

Armstrong has also detailed that since the initial fund is being raised the nonprofit is looking for an executive director to run the operations. “This role would report to and work directly with me, to help grow — I will remain on the board of,” Armstrong concludes.

What do you think about the new charity Givecrypto? Let us know your thoughts on this subject in the comment section below.  

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