ICYMI: Coinbase is Part of Pledge 1%…

A Twitter thread from Brian Armstrong on May 24, 2021:

This didn’t get much attention, but I’m proud to say Coinbase is part of Pledge 1%. This means we are allocating 1% of equity, profit, and employee time toward our non-profit foundation [Coinbase Giving]. 1% of equity means this is going to be an enormous foundation…

There was a big push I made for this in 2020, which required full board support (to their credit there was 100% support). We’re actually doing 0.1% equity per year for 10 years. It gives us a ton of resources over time to allocate toward….

1. Projects like GiveCrypto.org

2. Open source developers working on the underlying blockchains & protocols

3. Training more people to work in the cryptoeconomy

The for-profit work we do is still 99% of our efforts and where the vast majority of our contribution to the world will come from. But some efforts are best done through a non-profit (like giving small amounts of crypto directly to recipients in need all over the world).

So the two are very complementary toward achieving our mission as a company.

We’ll also be doing an employee match program, on donations to any charities that employees want to support.

*We’ve added links where appropriate. You can see original thread here.