Armstrong said that while he believes cryptocurrency has the potential to create more innovation and change the world, the reputation it has involves flashy cars and luxurious living.
While you can’t control what people spend their crypto earnings on, Armstrong believes the crypto ecosystem can impact the world more by pooling resources together so others can benefit from an “equitable and open global financial system.”
Armstrong, who has always advocated for charitable giving, said GiveCrytpo would be funded solely by cryptocurrency and used to empower those who are in need financially.
The fund aims to raise $10 million for the first phase, and it has secured $3.5 million so far, including an initial donation of $1 million from Armstrong. The non-profit also has a long-term goal of reaching $1 billion fund size in the next two years.
Armstrong sees GiveCrytpo.org leading an advance real world usage of cryptocurrency where people in need can receive money directly from donors, and the platform can also provide universal access to an open financial system.
While there has been a reasonable amount of research which points to the effectiveness of direct cash transfers in ending poverty as against running large programs, Armstrong sees GiveCrytpo going a step further. This is due to the uniqueness of cryptocurrency which allows it to avoid high fees, delays in cash transfers and access to the unbanked.
“We’ll start with direct-cash transfers in the form of cryptocurrency,” Armstrong said. This form of giving helps “increase people’s income, boost food consumption and dietary diversity, and are tied to improved school attendance, health care visits, household savings, and investments in productive assets.” […]