Coinbase CEO Brian Armstrong (Brian Armstrong) is going to solve the problem of access to financial services for people excluded from banking services, living in different parts of the world.

June 27, Armstrong announced the creation of a non-profit organization that will collect donations in crypto-currencies and their direct transfer to those in need and promoting the benefits of cryptocurrencies and ensure universal access to an open financial system.

In the blog the head of the organization of the exchange, wrote that she dreams about how to unlock the potential of cryptocurrencies, and urged people who have grown rich on their growth, not to throw money to the wind, and to join those who are aware of their responsibilities before the world community and strives to bring the advantages of cryptocurrencies to the masses.

He also mentioned charitable Ripple. Recall that in late March CryptoStream donated $29 million to non-profit organizations teachers.

“Today, about 40 million people in the world own cryptocurrency. This is a good start, but the number of people around the world who are rich enough to invest in risky new technologies is limited. In order for cryptocurrency to realize its potential of creating a more open financial system and assistance for those who do not have access to traditional financial services, we need to create new use cases and expand access,” wrote Armstrong.

At the moment financial aid to third world countries is hindered by high Commission and corruption. However, the granularity of the crypto currency will allow in real time to send small amounts to the needy person anywhere in the world, provided that he has a mobile device with Internet access. On the website of the organization says that smartphones have two billion people, are unbanked.

After receiving the translation, people will be able to choose one of three options. First, withdraw money in local currency to buy something he needs right now. Second, to keep the cryptocurrency to benefit in the future. Or make a crypto-currency translation. The organization believes that this will stimulate local cryptonomicon, especially in areas experiencing a financial crisis.

In the first stage plans to collect 10 million dollars. Despite the fact that the official launch took place just two days ago, the organization has already received about $ 3.5 million (including the initial donation in the amount of $ 1 million from Armstrong). Long-term goal is to raise $1 billion over the next two years.

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