$90Mn Donated to Charity From Cryptocurrency-Led Operations
As it turns out, it's not all about the “Lambos." Cryptocurrency businesses and enthusiasts have been giving back to charitable organizations. The latest initiative comes from non-other than Coinbase’s Brian Armstrong who is eyeing an astounding $1Bn to be donated to charity. And efforts are off to a good start.
Brian Armstrong, CEO of Coinbase, announced on Wednesday that he is launching GiveCrypto, a charitable
cryptocurrency fund with a mission to financially empower people by distributing cryptocurrency globally. The initial goal of the fund is to distribute cryptocurrency to emerging markets going through financial crisis. According to Mr Armstrong, donations in cryptocurrency will circumvent high fees and corruption, which are both common in emerging countries.
Mr Armstrong is partnering with Rose Broome who previously founded HandUp, a direct donation system for homeless people and neighbors in need. GiveCrypto has so far raised more than $4Mn but has a longer term goal to reach a $1Bn size in the next two years. Brian Armstrong, Chris Larsen (Executive Chairman of Ripple) and Zooko Wilcox (CEO of Zcash Company) have each contributed more than $1Mn to the fund. After the fund reaches $10Mn, the distribution of donations will begin.
Multiple cryptocurrency charitable initiatives have emerged.
According to Diar numbers, over $90Mn has been raised in cryptocurrencies for charitable causes to date (see table).
The largest charitable initiative to date was the Pineapple Fund that was started by an anonymous individual and distributed $55Mn of bitcoin to charities. Two of the largest donations by Pineapple Fund went to GiveDirectly and The Open Medicine Foundation. OmiseGO together with Vitalik Buterin,
Ethereum cofounder, contributed $1Mn in OMG tokens to GiveDirectly to donate directly to refugees.
Vitalik Buterin also personally donated $2.4Mn in ether to SENS Research Foundation, which is a non-profit organization with a focus on creating solutions to the diseases of aging. Pineapple Fund also donated to SENS.
Ripple and its executive team donated $29Mn in XRP tokens to DonorsChoose.org where public school teachers create classroom project requests that need funding. Ripple fulfilled all of the requests of nearly 30,000 public school teachers. And there is also eatBCH, whose mission is to feed the hungry in Venezuela and South Sudan.
As Mr Armstrong notes in his blog post, early cryptocurrency investors have amassed a huge amount of wealth in a short period of time. While it’s still early, the efforts to redistribute the cryptocurrency wealth to worthwhile causes are picking up.