GiveCrypto helps out the people of Venezuela who are going through an economic crisis. GiveCrypto is a nonprofit organization that helps out the needy by distributing cryptocurrency.
According to them, it is their mission to empower people financially by means of distributing cryptocurrency globally.
This is the mission of the charitable program founded by Brian Armstrong. He said that he believes there is a rare opportunity for creating a large non-profit fund. He also happens to be the co-founder of Coinbase which is the largest digital currency exchange company.
GiveCrypto served its purpose when a social worker in Venezuela helped a family go through tough times. Andreína Cordero, a mother of three kids, received a weekly supply of cryptocurrency from the company.
With the use of the cryptocurrency the family received, they were able to trade it for local currency and buy groceries.
The financial aid provided by GiveCrypto with the aid of EOSVenezuela, the largest Spanish speaking EOS community, ended after three months from February to April. She said that she was grateful for what they did for them and that it would be a blessing if they set up something like that again another time.
Aside from Cordero's family, 100 more families received the $7 weekly aid from GiveCrypto.
Charities worldwide are now starting to discover the effectiveness of cryptocurrency. It is a great way of bypassing remittances that are naturally met through conventional money express.
The use of cryptocurrency in charity showed its potential in Venezuela where inflation has reached 67,000 percent. The country of more than 32 million people was the perfect testing ground for this opportunity.
GiveCrypto's charitable program helped families in Venezuela who were affected by inflation through their crypto funding, but they also familiarized the people of the country with the ways cryptocurrency can be beneficial.
According to Efrain Pineda, the project manager of EOS Venezuela crypto can be used by anyone to protect themselves from inflation.
Today, cryptocurrency still presents a risk to users than U.S dollars, but given the ongoing inflation in Venezuela, it is a risk worth taking compared to Venezuelan money.