Crypto Wealth to Make an Effective Start in the Charity Foundations

Last Modified:12 May 2020 14:46:51
Crypto Wealth to Make an Effective Start in the Charity Foundations

A wide range of non-profit charity projects has been and are being carried out by beneficent and rich people. These kinds of projects are also done by government-supported agencies, NGOs and individuals interested in improving the world and helping poor and underdeveloped countries. Most of these charity helps have so far been in the form of official money accepted around the world. Nowadays, here and there, you can see some news about charity activities done through cryptocurrency in the form of pledge supporting payment guarantee.

Crypto-companies’ participation in charity projects

According to CNBC report on December 21, the famous innovator who started addressing charity help through crypto is Brian Armstrong, Coinbase CEO. The entrepreneurship Armstrong took part in was launched with the attempt of Bill Gates and Warren Buffet to stimulate others with similar economic situation to donate.

Armstrong believes that up to certain level of wealth, the people concentrate on meeting their own needs and more satisfaction in life, as he himself succeeded in changing into a tech multi-billionaire owning 14th highest crypto exchange. When they earn more than that level, every spending on themselves is additional. So, this part should be allocated to help others to reach their wishes and goals.

He claimed he had done the largest crypto transfers with the value of about $5 billion. According to Forbes, despite bearish trend observed in Bitcoin and other cryptocurrencies, Armstrong’s net worth has raised for approximately $100 million since January.

Giving Pledge, a charity wealth collector

He announced having signed a pledge via a tweet to have more empathy with people and thinks that cooperating with Giving Pledge (established in 2010 and having collected $365 billion coming from signatories of 22 countries) can cover some of part of his mission.

Giving Pledge’s main target is resolving the people’s most severe problems through assembling wealthiest people who incline to use more than half of their investment on philanthropic issues and has attracted 187 pledgers to take part in this project including Elon Musk, David Rockefeller, Michael Bloomberg, etc. It tries to intrigue the rich to help, but fortunately, there will be no force on the part of Giving Pledge to specify the aimed amount.

Despite not giving any information about the amount of wealth he has intended to spend here, Armstrong told about giving fund for it. It was not his first charity activity, as he spoke about his first attempt to transfer direct cash on to help the poor.

Other crypto-based charity activities

Soon after his philanthropic project, an Irish startup in cooperation with Red Cross started applying Blockchain technology in a new application to give more clarity to the process of such charity transfers; although there has been a channel, a subdivision of Binance charity foundation, specified for fundraising which had been established on Blockchain platform as well.

Luckily, Blockchain technology and applying cryptocurrency in various social, humanitarian and cultural projects is being continued. It seems that successful crypto-users and those who have acquired a satisfying amount of capital through it can be the most influential factor to change the people’s minds about this somehow-challenging currency.