Crypto for good: Coinbase CEO joins The Giving Pledge started by Gates and Buffett
This week, Coinbase CEO Brian Armstrong has officially joined the charitable cause started by Bill Gates and Warren Buffett back in 2010. In short, The Giving Pledge is the commitment of the world’s wealthiest people to donate most of their wealth to charity. Among other famous participants – Elon Musk, Ray Dalio, Bill Ackman and Michael Bloomberg.
Armstrong joined the pledge shortly after Coinbase filed for an IPO at $8 billion valuation, following the funding round that raised them $300 million. According to Forbes, Armstrong’s stake in the company is reported at $1.3 billion.
“Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One’s ambition begins to move outwards,” Armstrong said in a blog post on the Giving Pledge website. “I’ve always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth.”
In fact, The Giving Pledge was not the first charitable effort accomplished by Armstrong. Earlier this year, he started another crypto-charity initiative called GiveCrypto.org – the platform that allows nonprofits to accept and distribute cryptocurrency, taking direct cash transfers to those who live in poverty.