Coinbase CEO Brian Armstrong further describes the orginization's goal:
“We will raise funds from cryptocurrency holders, and distribute small payments to people in need around the world — all using cryptocurrency. Initial recipients will be people living in emerging markets, especially those going through financial crisis"
The organization has just been announced, and Armstrong says it will begin by them traveling and choosing recipients in person, before launching a wider-reaching plan.
Now here's how helping the poor, and ushering in mass adoption could happen together:
In underdeveloped nations, they never had telephone land-lines, but surprisingly - they have cellphones.
Their technology skipped a generation. It was too expensive for a phone company to come and lay thousands of miles of wires for little profit. But setting up cell phone towers is much less expensive, companies saw profit potential, so that's exactly what happened.
Here's how creative they've already been with what they have, using other digital assets. In underdeveloped nations where cell phones function only on "pre-paid" minutes, want a gallon of milk? You can pay for that by transferring 30 minutes of your pre-paid cell phone time from your account, to the sellers.
The prepaid cell phone minutes are traded and exchanged like they were cash - now imagine how easy to understand cryptocurrency will be to these people!
While we often focus on 'whales' making big buys and sells - but don't underestimate the effect millions of people transacting small amounts could have on cryptocurrency markets.
Armstrong's goal for the charity is to have it overseeing over $1 Billion in cryptocurrency distribution to those in need, within just 2 years.
Learn more at GiveCrypto.org
Author: Adam Lee
Asia News Desk
