Brian Armstrong, the CEO of the most popular US-based cryptocurrency exchange just revealed a fund he’s been gathering. However, instead of financing startups, this particular fund is more geared towards charity.
Known as GiveCrypto, it wants to raise $10 million by the end of the year, and has already drawn up about $3.5 million. The ambitions don’t end there, as the site aims to gather up to $1 billion by the end of two years.
“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in lambos,’ whose antics get a lot of attention. This doesn’t represent the best of our community. Most people I respect and know in the crypto ecosystem believe we have a responsibility to help this technology reach a much wider audience,” said Armstrong. This appears to be an attempt at re-drawing the image of cryptocurrency holders, which currently don’t have any clear collective reputation at all.
Armstrong also added that when the opportunity presents itself, GiveCrypto will reach out to non-profits and find a proper way to follow the flow of funds to ensure that it gets into the right hands, including looking for “ambassadors” it can trust.
This wouldn’t be the first time that a charity based on cryptocurrencies emerged. In one instance, UNICEF created an initiative that allowed gamers to use their GPUs to mine ETH to assist Syrian families broken by the conflict in their country.
Ripple also did a lump-sum donation of $29 million to fund projects in schools across the United States. To minimize the effect on the value of the XRP token, the organization in charge of the charity effort chose to convert the tokens to fiat in a staggered pattern.
This article appeared first on Cryptovest
