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Winding Down GiveCrypto

Tl;dr: Coinbase is winding down our GiveCrypto initiative, a nonprofit founded by Brian Armstrong to provide cryptocurrencies to those in need. Despite the positive impact it has had, we were unable to create lasting change purely through unconditional cash transfers. We will donate remaining funds to Brink and GiveDirectly in continued pursuit of this mission.

By Coinbase

Company

, December 15, 2023

, 2min read time

Coinbase Blog

We have made the difficult decision to wind down GiveCrypto, our nonprofit initiative aimed at innovating within the philanthropy space by harnessing the power of cryptocurrency to make direct donations to people in need. This initiative, founded by Brian Armstrong and subsequently absorbed by Coinbase, has been one of our charitable programs dedicated to increasing economic freedom worldwide. However, after much consideration, we have recognized that we need to take a new direction.

Over the years, GiveCrypto distributed cryptocurrency to thousands of individuals in need, with measured short-term improvements in their outcomes. We also validated how cryptocurrency makes it easier to send small amounts of money across borders, directly to the intended recipient instead of through middlemen. Unfortunately, we were unable to create a lasting impact with recipients, who returned to the same baseline after payment ceased.

All remaining GiveCrypto funds will be donated to Brink and GiveDirectly. Brink is working to strengthen the Bitcoin software and protocol and GiveDirectly is better equipped to ensure crypto donations reach those who need them most and will experience sustained benefits

We are grateful to each one of you who supported GiveCrypto. Thank you for being part of this journey, and we look forward to continuing our efforts towards increasing economic freedom worldwide.

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