Coinbase CEO First Crypto Entrepreneur to Join Buffet-Founded Billionaire Charity Pledge

Coinbase CEO Brian Armstrong has become the first crypto entrepreneur to join billionaire-backed charity program The Giving Pledge, CNBC reports Friday, Dec. 21.

Founded by moguls Bill Gates and Warren Buffett, the Giving Pledge campaign is now for the first time supported by a representative of the crypto industry, with Armstrong joining more than 180 pledgers including Elon Musk, Ray Dalio, Bill Ackman and Michael Bloomberg.

Aiming to inspire wealthy people all over the world to give at least half of their net assets to philanthropic causes, The Giving Pledge was established in 2010. In 2018, the pledge has amassed $365 billion in donations with signatories from 22 countries. The campaigns mainly attracts billionaires, and does not obligate its entrants to actually donate any money, according to Wikipedia.

In his pledge, the Coinbase CEO wrote that following his “crazy [goal to] start a billion dollar tech company” about ten years ago, he has now actually become the founder of a multi-billion firm. Armstrong noted that he has always had strong admiration for those “whose ambition to improve the world supersedes any goal related to personal wealth,” adding:

“Once a certain level of wealth is reached, there is little additional utility from spending more on yourself.”

Ranked the 14th top crypto exchange by daily trading volumes, Coinbase is a major United States cryptocurrency trading platform and a wallet. Recently, Coinbase reported that the firm has carried out the largest crypto transfer on record with an “on-blockchain migration of approximately $5 billion.”

In late June, 2018, Armstrong announced the launch of its own charitable program backed by the crypto community in order to support people living in emerging markets. The non-profit initiative GiveCrypto.org aims to help people in need by sending direct-cash transfers in crypto.

Earlier today, an Irish startup partnered with the Irish Red Cross to use blockchain technology in a new application that improves transparency for charitable donations.

Previously, Binance Charity Foundation, philanthropic division of top crypto exchange Binance, opened a new fundraising channel on its blockchain-based donation platform.

And today, Dec. 21, Coinbase announced the expansion of its services to six additional markets over the globe including such countries as Andorra, Gibraltar, Guernsey, Iceland, the Isle of Man and Lithuania.