Coinbase Teams Up with Pledge 1% to Create Corporate Giving Program that Leverages Power of Crypto to Help People

Digital asset firm Coinbase (NASDAQ:COIN) notes that right before its recent direct listing, the company had teamed up with Pledge 1% to create a corporate giving program that would “commit 1% of Coinbase profits, equity, and employee time toward charitable activities that leverage the power of crypto to help people around the world.”

The Coinbase team noted in a blog post that they’ve joined forces with Pledge 1% because they want to realize their vision of “creating economic freedom for every person and business in the world.”

Coinbase’s management added:

“We also know that for it to become a reality, we’ll need to not only build the products and services that our customers want, but to also think creatively about how we can ensure that crypto gets into the hands of those who need it most. We are calling our Pledge 1% program Coinbase Giving. It will be a charitable program within Coinbase, focused on a common goal of increasing economic freedom for every person and business in the world.”

Coinbase pointed out that one of the main limitations of traditional corporate philanthropy is that most firms just do not have the resources or the in-house expertise to effectively manage their philanthropic initiatives. Instead, they  depend on funding charitable organizations to “achieve their public-spirited goals.”

Coinbase Giving aims to adopt a different approach: “a hybrid model following the path forged by other tech leaders. Coinbase Giving will not only support charities that share our mission and values, but we’ll also manage our own programs from start to finish.”

As noted in the announcement, the charities that Coinbase intends to support and the programs that they’ll drive  will fall into the following categories:

  • Increasing education around, and access to, crypto
  • Accelerating the development of crypto protocols that underpin the cryptoeconomy
  • Fostering the next generation of crypto talent, no matter where they are located

Coinbase also mentioned that their areas of focus are as follows:

  • Bringing GiveCrypto into the Coinbase family “as a Coinbase 501(c)(3) foundation. GiveCrypto was founded in 2018 with a mission to financially empower people by distributing cryptocurrency globally.” We’ve long “had a relationship with GiveCrypto, but by transitioning its efforts into a private foundation of Coinbase we can substantially increase funding, and offer Coinbase customers the opportunity to give directly to the programs that they want to support.”
  • The new foundation will “focus its efforts on supporting and directly managing programs that seek to equalize access to financial services around the globe; use direct crypto contributions to alleviate financial hardship and unsafe situations; and encourage crypto entrepreneurship to create economic freedom.”
  • Expanding the Crypto Community Fund. We believe “helping to connect and grow the cryptoeconomy is essential to creating economic equality. Our Crypto Community Fund aims to grow and improve the entire crypto industry, while making it simpler to use and more secure for everyone.”

Coinbase added that it tested the Crypto Community Fund in October of last year in order help “accelerate research and open-source projects.”

Coinbase revealed:

“We have funded $200K to date — $100K to Stanford Cryptography and $100K to a Bitcoin Core development developer. In 2021 we expect to fund $2M to expand this program, and we know much more is possible.”

The company also noted that they launched a partnership with Base 11 in order to create “the next generation of (diverse) crypto talent.”

Coinbase added:

“We’re also announcing today our commitment to be a 3-year “Game Changer” partner of Base 11, a nonprofit STEM workforce and entrepreneur development organization that empowers women and underrepresented minorities with the access, awareness and belief needed to succeed in Next Frontier Industries of the 21st century.”

As part of this partnership, Coinbase said it would be creating a Crypto Innovation Challenge program that will be “unveiled later this year, to help cement crypto as a frontier industry and unlock its future talent.”

As noted in the announcement:

“Beginning in June, we will begin matching on a one-for-one basis any employee donation to a qualified 501(c)(3) (or international equivalent) up to $500. As we pilot this program this year, we’re excited to support our team and the causes and organizations they are passionate about.”

Coinbase also mentioned:

“We believe strongly in the power of crypto to address any number of the inequities of the current financial system. But we also recognize that there is a lot to be done when it comes to creating economic freedom for every person and business in the world. As Coinbase and the cryptoeconomy grow, we’re committed to doing our part to ensure that we never stray far from crypto’s original promise of an open financial system.”

As mentioned in the update, Pledge 1% is a worldwide movement that “inspires, educates, and empowers every entrepreneur, company, and employee to be a force for good.”

More than 12,000 members in 100 different countries across the globe have reportedly used Pledge 1%’s flexible framework “to ignite billions of dollars and hundreds of thousands of volunteer hours in new philanthropy.” You can  get more details about Pledge 1% here.

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