Coinbase CEO inspired by philanthropy of others

Coinbase CEO Brian Armstrong has created a philanthropy-focused fund called GiveCrypto.org aimed at raising $10 million (£7.6 million) by the end of this year and $1 billion (£7.6 billion) over the next two years.

Armstrong, whose company just expanded its fund to US-based investors, says the decision to create the fund was inspired by the likes of the Gates Foundation and Ripple.

“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention. This doesn’t represent the best of our community,” Armstrong says.

“GiveCrypto.org’s mission is to financially empower people by distributing cryptocurrency globally. We will raise funds from cryptocurrency holders, and distribute small payments to people in need around the world — all using cryptocurrency. Initial recipients will be people living in emerging markets, especially those going through financial crisis,” he adds.

The GiveCrypto.org website states three main missions: 1. Help people in need by sending money to them directly, 2. Advance real-world usage and benefits of cryptocurrency, and 3. Provide universal access to an open financial system.