While a lot of investors lost money when the cryptocurrency market started to plunge early this year, it is undeniable that countless investors were also able to make multi-million dollar profits. Especially those who entered the market early on and sold their holdings when prices were at their all-time high in December 2017.

While there is absolutely nothing wrong in becoming wealthy almost overnight by making well-timed investments decisions, Coinbase CEO Brain Armstrong believes that it is high time for those who became incredibly wealthy give something back to the community.

Brian Armstrong, recently, launched the GiveCrypto, which is a charitable fund whose mission is to “financially empower people by distributing cryptocurrency globally.” Armstrong aims to raise funds from kindhearted crypto-holders all over the world and distribute small amounts to those in need and those who are, currently, undergoing a financial crisis. The fund will initially target their philanthropic activity to people living in emerging markets.

Aside from directly helping those in need by giving them money, GiveCrypto also aims to concretely demonstrate the real-world usage and benefits of using cryptocurrencies as all payments will be done using crypto. Armstrong says that cryptocurrencies are the perfect medium for donations as they can be sent to anyone, no matter their location.

He stated:

“Cryptocurrency is unique in that it can be used to send small amounts of money anywhere in the world, in real-time directly to an individual in need — they just need a mobile device with an internet connection.”

Armstrong reveals that they were already able to raise $3.5 million. However, GiveCrypto aims to raise $10 million by the end of 2018 and, eventually, $1 billion after they have established a track record, which could take around two years.

Armstrong admits that the crypto community has this “bros in Lambos” reputation where newly minted millionaires flaunt their wealth by buying exotic cars. However, he argues they do not represent the best the community has to offer.

He said:

“Most people I respect and know in the crypto ecosystem believe we have a responsibility to help this technology reach a much wider audience.”

Armstrong was inspired by a few outstanding examples from the crypto community who, through their philanthropic work, were able to demonstrate the positive impact of these digital currencies on the world.

For instance, Ripple made a massive $29 million donation to public schools last March while GiveDirectly received a $1 million crypto donation from the fintech startup OmiseGo during the same month.

Coinbase CEO Believes It’s Time for Those Who Amassed Wealth in Crypto to Give Something Back was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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