Coinbase chief announces crypto fund for the world’s unbanked

Brian Armstrong, chief executive of San-Francisco-based digital currency exchange Coinbase, said on Wednesday night he was launching a charity to help financially empower the millions of unbanked people around the world.

Brian Armstrong, chief executive of Coinbase

The Coinbase co-founder said GiveCrypto.org, a not-for-profit organisation, would partner with other non-profit entities to find worthy recipients of the cash it raises.

Unbanked millions

Armstrong said in a press release: “Many who invested early in cryptocurrencies understood it could make the financial system more efficient, lower fees, and reduce transaction times.

“Almost everyone I met in the community early on believed cryptocurrency could finally bank the unbanked of the world — the billions of people who are locked out of the financial system and trapped in poverty as a result.”

Initial $10m targeted

GiveCrypto.org is targeting the end of this year to raise an initial $10m and aims to increase funding to $1bn within the following two years.

The organisation will give away annually less than the amount the fund grows by each year – this will ensure the fund’s long-term future, Armstrong said.

Recipients of funds would typically be “emerging markets who are going through financial crisis”, he added.