Popular U.S. cryptocurrency exchange Coinbase is showing its charitable side by donating cryptocurrency to over 300 people in Venezuela.
Tis the Season for Crypto
To get ready for the holiday season, Coinbase has created a special program it’s calling “12 Days of Coinbase,” taken from the popular carol “12 Days of Christmas,” but instead of leaping lawyers, milking maids, French hens, turtledoves or partridges in pear trees, Coinbase is putting cryptocurrency in needy families’ stockings. In total, Coinbase is hoping to contribute roughly $10,000 in Zcash towards the project.
The company took to social media to announce the following message:
“This donation will put $1 USD worth of crypto directly into crypto wallets for 100+ families in Santa Elena de Uairen every day for three months. Recipients can purchase food and basic supplies at a local store that accepts payments in crypto.”
A Little History
Zcash is the latest token to be added to Coinbase Pro, the company’s trading platform for professional investors. Coinbase has stated that it is now looking into adding several new tokens to its list of offerings after several customers’ ongoing wishes for more assets.
Venezuela is no stranger to the crypto scene. The country introduced the nation’s official digital asset known as the petro back in February of 2018. At the time, reports were claiming that the currency had managed to raise roughly $5 billion through an initial coin offering (ICO), though this, along with several other statements made regarding the cryptocurrency, have led to both speculation and controversy.
A Damaged Financial Infrastructure
Among the biggest ones include the petro’s alleged backing by Venezuela’s oil reserves. The original whitepaper discussing the petro makes no mention of this, and as the speculation surrounding the currency’s origins and motives grew, so did suspicion. Earlier this year, U.S. President Donald J. Trump signed a bill making all trading of the petro in the U.S. illegal.
Venezuela’s economy has experienced its fair share of turmoil over the previous two years thanks in part to inflation and the crash of its official currency the bolivar. Supplies and necessities have grown slim, and prices on basic food items have skyrocketed.
Despite Coinbase’s good nature, not everyone is pleased. One user responding to Coinbase’s initial announcement commented that $1 per wallet isn’t likely to do much, as one kilogram of protein (i.e. meat) costs roughly $1.7. Thus, users aren’t set to get their hands on the supplies they’ll need to care for their families.
Is Coinbase on the right track? Why or why not? Post your comments below.
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