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US Cryptocurrency Exchange Coinbase Establishes Charity Department

Cryptocurrency

Coinbase philanthropy department

Coinbase, a major cryptocurrency exchange in the United States, announced on the 4th that it will launch a new social contribution program “Coinbase Giving”. We aim to provide financial support to people all over the world by utilizing virtual currencies.

Coinbase is one of the largest cryptocurrency exchanges in the United States. It had just been listed on the Nasdaq in April.

Relation:Cryptocurrency exchange Coinbase, listed on NASDAQ

In this announcement, Coinbase announced its policy to carry out social contribution activities focusing on the following three points in cooperation with the charity “Pledge 1%”.

  • Increasing educational and access methods for virtual currencies
  • Promote the development of protocols that support the crypto economy
  • Foster the next generation of crypto talent regardless of location

Through collaboration with Pledge 1%, it aims to support people around the world through cryptocurrencies by allocating 1% of coinbase corporate profits, stocks, and employees’ working hours to philanthropy.

The specific efforts are as follows.

  • NPO Give Crypto becomes a non-profit corporation under Coinbase
  • Expansion of Crypto Community Fund
  • Next-generation human resource development
  • A program that matches employee donations to NPOs up to $ 500

Give Crypto is an NPO established in 2018. It is an initiative to support financially disadvantaged people, start a business and achieve financial freedom through donations of virtual currency.

By making it an NPO under the umbrella of Coinbase, it will increase the amount of funds invested in Coinbase and create a system that can respond to Coinbase users who want to support more directly.

The Crypto Community Fund is a fund that aims to develop and grow the entire cryptocurrency industry. So far, a total of 200,000 dollars (22 million yen) has been donated, but he explained that he plans to increase this amount to 2 million dollars (200 million yen) in 2021.

Furthermore, in collaboration with the NPO “Base 11”, which focuses on human resource development for women and minorities in the STEM field, we will contribute to the development of next-generation human resources in the virtual currency industry.

STEM refers to science fields such as science, technology, engineering, and mathematics, which are generally considered to have a small proportion of women. Since the blockchain industry also falls under the category of STEM, it is an initiative aimed at developing human resources by providing education to the next generation of women and minorities.

In addition, from June, a program will be launched to match donations to NPOs selected by Coinbase employees up to $ 500 (54,000 yen) per person.

As a background, coinbase CEO Brian Armstrong said, “Activism and politics other than the main business, while ethnic tensions have increased in the United States since the murder of George Floyd in the United States at the end of May 2008. There is a history of issuing a statement banning “doing activities at work”.

Through this match program, it will be possible to contribute to problems that employees see as serious.

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Author: Noah Sakamaki
Reference: Coinbase

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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