Empowering Venezuelan families with GiveCrypto

Day 2 of 12 Days of Coinbase: Empowering Venezuelan families with GiveCrypto

At Coinbase, we’re dedicated to creating tomorrow’s open financial system, not only by allowing people to buy crypto, but also to use it. GiveCrypto.org (founded by CEO Brian Armstrong) takes some of the best parts of that system — cross-border accessibility, ease of small payments, and real-time transfers — to empower those who don’t have enough in our legacy economy. That’s why we’re using 12 Days of Coinbase as an opportunity to make a $10,000 donation in Zcash ($ZEC) to support their pioneering work.

Our donation will support GiveCrypto.org’s project in the Venezuelan border town of Santa Elena de Uairen. With our gift, the organization will put $1 USD worth of crypto directly into the crypto wallets of more than 100 families in Santa Elena every day for 3 months. Recipients can purchase food and basic supplies at a local store that accepts payments in crypto, subsidizing everyday expenses — this $1 USD equivalent per day can buy 1–2 kilos of protein or 2-kilos of starches and vegetables. Recipients will come from the networks of Venezuelan families already in GiveCrypto.org’s program with Bonnum.

Why give crypto rather than cash? Many families lack reliable access to bank accounts, and even if they do, the Bolivar (the fiat currency of Venezuela) is highly inflated and volatile. As a result, cash gifts can be of little value to many of those in need — but crypto and GiveCrypto.org’s network of vendors provides a direct, stable line of support.

We’re proud to support GiveCrypto.org’s approach, which is underpinned by a growing body of evidence showing that direct-cash transfers are an effective way to help those in need. But we also know that this gift is just a start. GiveCrypto.org and peer organizations will need more support from us and the community as they create inroads where crypto can help. In this holiday season, consider joining us in donating to organizations making open financial transactions possible for people everywhere:

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Empowering Venezuelan families with GiveCrypto was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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