Brian Armstrong, Coinbase CEO, has pledged to allocate most of his fortune to charitable causes. This comes after just this year the head of one of the largest Crypto exchanges in the world unveiled the GiveCrypto.org which is a platform that allows willing givers to donate Crypto. Users can directly deposit Crypto to help those living in poverty.
Total Worth of Pledges To Reach $600 Billion
In his statements, Armstrong highlighted the GiveCrypto.org initiative, his first philanthropic effort, that was launched this year that allows for the direct transfer of Crypto to those living in poor conditions. He stated that he is excited to see how the potential the organization had in helping people. He, however, noted that it was still in its early stages and he was also just in the process of learning how to make the most impact through philanthropy.
Going by a report by the CNBC, the Coinbase CEO has signed the Giving Pledge which means he has promised to sign away most of his wealth to charity. This makes him the first within the Crypto community, as a Crypto entrepreneur, to make such a pledge.
The Giving Pledge campaign began in 2010 being championed by Bill Gates and Warren Buffet, who are prominent billionaires known across the globe for their charitable endevors. The campaign encourages the world’s wealthiest to use their wealth for the betterment of people’s lives. A report published on the by Wealth-X on the Business Insider has stated that the total amount of pledges expected by the year 2020 stands at an impressive $600 billion total.
Armstrong Reportedly Worth $1.3 billion
Armstrong is the new member in the list of billionaires that have pledged to give away most of their fortune to charitable causes. Others who are also in the list include Mark Zuckerberg, Facebook CEO, Elon Musk, the head of Tesla and Michael Bloomberg who is a prominent businessman.
Mark Zuckerberg who joined the initiative at the time of its launch has not only dedicated most of his wealth to giving back, he has also promised to give away ninety- nine percent of his share in Facebook throughout his lifetime.
Armstrong is a co-founder and head of Coinbase which is one of the largest Crypto exchanges in the world. The current valuation of the value of the firm after its latest investment round stands at $8 billion. Forbes lists Armstrong’s worth as being in the region of $1.3 billion. This value is expected to dip due to the current downturn I the Crypto market. However, it is still expected to be anywhere between the region of $900 million to 1 billion.
Dedication To A Good Cause
In his statement on the Giving Pledge website, Armstrong said that there was little use in spending more on oneself once a certain level is reached in wealth acquisition adding that from a certain point one’s ambitions are centred on other people. He added that he had always admired founders and leaders who were driven to improve their world.