Coinbase CEO urged to donate cryptocurrencies to charity

Brian Armstrong, CEO of the American Cryptocurrency Exchange Coinbase, urged wealthy cryptocurrency holders to donate their assets to charitable or other purposes.

In a blog post on The Giving Pledge, a charity website created by Bill Gates and Warren Buffet to encourage rich people to use their money for worthy goals, Armstrong wrote:

"Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. … Whether it's through improving education, creating a more level playing field, or increasing economic freedom, I'm interested in helping more people see their ideas come to fruition in the world."

Armstrong noted that he is just starting a journey into the world of philanthropy and is very proud to join a project such as The Giving Pledge.

The organization describes its mission as "an attempt to help in those problems that most concern the society, by inviting the richest people and families of the world to donate more than half of their wealth to charity and philanthropy".

Note that currently the organization's list includes 187 richest people in the world, including Elon Musk, Richard Branson, Michael Bloomberg and David Rockefeller.

"This year, I started my first philanthropic effort, GiveCrypto.org, which makes direct cash transfers to people living in poverty. I'm excited about the potential for this organization to help people, but I'm still early on my journey of discovering how to have the most impact via philanthropy," Armstrong said.

The head of Coinbase did not report how much of his wealth he plans to spend on charity.

Recall that recently, during the UN World Investment Forum, representatives of the Blockchain Charity Foundation (BCF), founded by Binance, announced the launch of a blockchain portal. 

SOURCE