Coinbase CEO Brian Armstrong Launches Crypto Charity with Donations from Ripple and Zcash Founders

Coinbase CEO Brian Armstrong seeks to change this by launching a non-profit crypto charity, GiveCrypto.

Since the rise of Bitcoin in 2017, cryptocurrency has fueled a wave of overnight millionaires.

Founded in 2018 by Coinbase CEO Brian Armstrong, GiveCrypto is a global foundation targeting the distribution of digital currencies to people in need.

The charity fund is framed as an "Agnostic" platform, indiscriminate of the type of digital currency offered and encourages donations in any cryptocurrency - such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and ZCash.

Armstrong has already donated a personal $1 million to the charity along with sizeable donations by Ripple Co-founder Chris Larsen, Ripple CEO Brad Garlinghouse, and Zcash CEO Zooko Wilcox.

By using cryptocurrencies to distribute wealth amongst those in poverty, GiveCrypto can allow a greater portion of donor's money directly to those in need - eliminating the cumbersome transaction costs of cross-border transfers and giving those without access to financial services complete control of their received donations.

With Handup.org Co-founder Rose Bloom at the helm, GiveCrypto aims to hire teams of "Crypto ambassadors" to help research regions where allocated funds would have the greatest impact and assist recipients with learning how to use cryptocurrency wallets.

Initially, GiveCrypto will use a portion of donated funds to fuel starting operations but plans to eventually reach a structure where 100% of donations go directly to those in need.

Recipients of crypto donations will have the option to exchange their funds for traditional money or keep them in cryptocurrency.

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