Coinbase chief announces crypto fund for the world’s unbanked

June 28, 2018
Chris Wheal

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, 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 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.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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