Co-founder and head of the crypto currency exchange Coinbase Brian Armstrong (Brian Armstrong) announced that it opens a charitable organization that will collect donations in cryptocurrencies to help people without access to banking services.

The organization intends to distribute small amounts directly to those in need – in emerging markets and in countries experiencing financial crisis. Other goals of the initiative is to promote more widespread adoption of cryptocurrency and understanding of their benefits, and to provide universal access to an open financial system.

Armstrong emphasizes that he sees the cryptocurrency opportunity to give economic freedom to people all over the world, although in the society of early cryptoendoliths often imagine the “guys at Lamborghini.”

At the initial stage plan to raise $10 million donations. At the moment the organization has $3.5 million, of which $1 million was provided by Sam Armstrong. After getting all the necessary investments that the organization intends to establish a small team and start the distribution of funds through volunteers at the local level (“ambassadors”). At the moment looking for an Executive Director. If the whole work will be successful, in the next 2 years, the Fund size can be increased to $1 billion.

We will remind, in the autumn of last year, the Fund of bill and Melinda gates Foundation (Bill and Melinda Gates Foundation) has released open source software for persons who do not have Bank accounts. App Mojaloop was created based on technology developed by the blockchain startup Ripple, in collaboration with FINTECH companies Dwolla, Software Group, ModusBox and Crosslake Technologies with the financial support of the Foundation.