• eToro contributes $1 million to the GoodDollar universal basic income project

  • Crypto-focused charities are on the rise. eToro’s global UBI program, GoodDollar, aims to increase financial inclusion and literacy through a global UBI program.

    eToro, a cryptocurrency investment platform, has pledged $1 million to the GoodDollar universal basic income protocol, bolstering the nonprofit’s efforts to close the global wealth gap using DeFi and smart contract technology.

    According to eToro, the additional funds will help GoodDollar expand its protocol and introduce more recipients to cryptocurrency. The GoodDollar system works by capturing the interest generated by donors’ contributions to leading DeFi protocols like Aave and Compound. This interest is then distributed to the global community in the form of GoodDollar tokens.

    The GoodDollar token, denoted by the ticker symbol $G, is described as a reserve-backed cryptocurrency that is distributed to registered users on a daily basis as a form of UBI. Donors who deposit assets on the platform help to support the UBI model. A portion of the interest earned through staking is returned to donors, with the remainder collateralized in the form of new G tokens.

    eToro founded GoodDollar in 2020 to help solve systemic inequality and increase transparency around how money is created. eToro initially invested $58,000 in the protocol before increasing its stake to $1 million after GoodDollar published promising proof-of-concept results. During the first trial run, the protocol distributed $16,000 in UBI in the form of GoodDollar tokens to over 225,000 people.

    Early adopters have amassed significant wealth as a result of the cryptocurrency industry, and many of those pioneers are giving back through charitable contributions. According to ULTCOIN365, four industry veterans — Ryan Selkis, Dan Matuszewski, Qiao Wang, and Haseeb Qureshi — have pledged to donate at least 1% of their wealth to charities each year as part of a new initiative launched by The Giving Block.

    Meanwhile, at least two NFT-focused cryptocurrency projects have announced generous donation plans recently. Fortune, an American business magazine, and NFT artist Pplpleasr recently launched a philanthropic fund for journalism on Ethereum. Separately, the Trippy Bunny NFT project has donated all mint proceeds to a suicide prevention foundation.

    As more nonprofits accept Bitcoin (BTC), Ether (ETH), and other digital assets, the crypto donations industry is rapidly expanding. The American Cancer Society launched a Crypto Cancer Fund in January, which accepts digital donations. Recently, the New York-based Hearts & Homes for Refugees announced that it would accept donations in nearly a dozen cryptos to aid those displaced by the Taliban’s takeover of Afghanistan.

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