eToro contributes $1M to GoodDollar’s universal basic income project

The number of crypto-focused charities continues to grow. GoodDollar is a global UBI program that eToro uses to promote financial inclusion and literacy. eToro, a cryptocurrency investment platform, has donated $1 million to the GoodDollar universal income protocol. This money will support the nonprofit’s efforts to close the global wealth gap using DeFi and smart contracts technology. Wednesday’s announcement by eToro stated that the additional capital will help GoodDollar expand its protocol and introduce more cryptocurrency users to it. The GoodDollar system captures the interest generated by donors’ contributions to leading DeFi protocols like Aave and Compound. This interest is then distributed to a global audience via GoodDollar tokens. The GoodDollar token is marked under the ticker symbols $G and is described as a reserve-backed cryptocurrency. It is distributed daily to registered users as part of UBI. Donors who deposit assets on the platform support the UBI model. A portion of the accrued interest via staking will be returned to the donors. The rest of the collateralized amount will be in the form new G tokens. GoodDollar was established by eToro to solve systemic inequality and increase transparency about how money is created. Initially, eToro contributed $58,000 to the protocol. GoodDollar published promising results in its proof-of concept and raised its stake to $1million. The protocol distributed $16,000 worth UBI in GoodDollar tokens during its initial trial run. Cointelegraph reported that four industry veterans — Ryan Selkis Dan Matuszewski and Qiao Wang — pledged to give at least 1% of their wealth each year to charities through a new initiative called The Giving Block. In addition, at least two NFT-focused cryptocurrency project have announced generous donation plans. Fortune, an American business magazine, recently launched a philanthropic fund to support journalism on Ethereum with NFT artist Pplpleasr. Separately, the Trippy bunny NFT project donated 100% of its mint proceeds towards a suicide prevention foundation. Related: Cryptocurrency can make a difference by helping people. The crypto donations industry is rapidly growing as more nonprofits accept contributions via Bitcoin (BTC), Ether(ETH) and other digital assets. The American Cancer Society created a Crypto Cancer Fund in January that accepts digital donations. Hearts & Homes for Refugees, a New York-based charity, announced that it would accept donations in almost a dozen cryptos to help those displaced by the Taliban takeover.

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