Coinbase CEO Unveils Crypto Charity for the Unbanked

Coinbase CEO Brian Armstrong wants to help unbanked individuals around the world gain access to financial services.

On Wednesday, the exchange's co-founder announced he was launching a nonprofit organization to financially empower people and donate cryptocurrency to the unbanked worldwide. GiveCrypto.org aims to partner with other nonprofit entities to find potential recipients who could benefit from these cryptocurrency donations.

In a release, Armstrong wrote that "most people I respect and know in the crypto ecosystem believe we have a moral responsibility to shepherd this technology forward in a way that allows it to reach its full potential." He cited lower fees, reduced transaction times, micropayments and mobile device-friendly payment systems as some of the advantages for blockchain technology.

He wrote:

"Many who invested early in cryptocurrencies understood it could make the financial system more efficient, lower fees, and reduce transaction times. Early adopters saw the potential to unlock widespread innovation if the internet had a native currency. And 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."

The nonprofit aims to raise $10 million by the end of 2018 and increase its funding to $1 billion within the next two years, he said. He plans for the organization to "give away less than the amount that the fund grows each year," ensuring its longevity.

Initial recipients will live in "emerging markets who are going through financial crisis," Armstrong said.

Coinbase image via Shutterstock