GiveCrypto financially empowers the impoverished and unbanked people around the world

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In Episode 114 of the Disruptors for Good podcast, I speak with Joe Waltman, Executive Director of GiveCrypto and Product Manager at Coinbase about using crypto and blockchain technologies to get money directly into the hands of the poor and unbanked. .

GiveCrypto is a non-profit organization created by Brian Armstrong, the founder of Coinbase, to distribute cryptocurrency to people living in poverty. Using crypto and blockchain technologies, the organization is putting funds directly into the hands of individuals living in difficult circumstances across the world.

Join the world’s most trusted place to buy and sell cryptocurrencies. Try Coinbase here. (affiliate link)

Examples we discuss about how GiveCrypto impacted lives across the world:

Direct crypto payments to people living in refugee camps where currencies are prohibited inside the camps Direct crypto payments to women living with domestic violence issues and no financial way to let their attacker Help local traders accept crypto payments Help them impoverished people to set up crypto wallets Provide simple financial services to those left behind by traditional banking systems

According to Groundswell, there is substantial evidence that unconditional cash transfers are an effective way to help people. Distributing crypto is similar to transferring other forms of money to people. The organization expects many recipients to find ways to convert crypto to their local currency. Some can also do crypto-to-crypto transactions. It can also help stimulate economic growth by providing access to property rights and financial services over an open network. A lot of work needs to be done to test these hypotheses and see what works the most.

The GiveCrypto mission

The mission is to empower individuals financially by distributing cryptocurrency to those who need it most. GiveCrypto connects donors and recipients all over the world. Over the past three years, they have impacted the lives of thousands of people and their families through direct crypto transfers.

Over a billion people own a smartphone but lack access to basic financial services. The organization not only identifies beneficiaries in need and distributes funds to them, but it also connects these people to a truly open financial system. All you need is access to the Internet.

Crypto democratizes the philanthropic process. As a company and donors, we can send cryptocurrency directly to any recipient and they will receive it instantly. This includes people without a bank account and those who live in places where fiat currency is broken.

How will the fund work?

GiveCrypto.org will be an evergreen fund (or endowment) designed to live and grow forever. Its value will increase based on new donations and if the value of the cryptocurrency continues to grow.

What types of currencies will you accept?

GiveCrypto.org is cryptocurrency agnostic. The organization currently accepts the following currencies: BTC, BCH, ETH, LTC, XRP and ZEC.

Is my donation deductible?

Yes. Donations through the site are tax deductible through our tax sponsor, the Pledge Group. You will need to provide your name and email (and receive a receipt) for the donation to be tax deductible. You can also donate anonymously, but the donation will not be tax deductible.

How to prevent fraud?

The organization uses a combination of validated data collection with retrospective checks, verifiable evidence, and blockchain analysis to minimize and prevent fraud.

Where do beneficiaries use the funds?

The organization recruits at least one vendor that accepts cryptocurrency payments. Additionally, the recipients hold the crypto and exchange it with each other. Going forward, GiveCrypto will offer withdrawal options.

Can donors determine who receives the funds?

No. We rely on our network of ambassadors to determine who receives our funds. Ambassadors have a deep local understanding and will determine who needs it most.

Are transfers one-off or continuous?

All of our projects to date have had a specific start and end date. We have not yet planned to implement an open-ended distribution project.

See more FAQs here.

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Grant is the founder of Causeartist, one of the world’s most influential impact business platforms. Since 2013, Causeartist has been read in over 200 countries. Grant has personally interviewed over 600 impact entrepreneurs from around the world, highlighting innovations in ethical fashion, climate change, ethical technology, impact investing and sustainable travel.

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