A charity founded by Coinbase’s CEO Brian Armstrong is donating cryptocurrency to citizens in Venezuela, with the country roiled by famine, disease and political turmoil.
As Venezuela’s political and economic crisis reaches a boiling point, GiveCrypto.org has figured a workaround to a widespread shortage of money. The organization is donating cryptocurrency to Venezuelans in need, to buy groceries and household goods.
“We early on selected Venezuela as where we are going to work, primarily because money is so broken there,” said Joe Waltman, executive director of GiveCrypto.org told YFi PM in an interview.
The lack of food and money has worsened a crisis that’s driven nearly 4 million of its citizens from the oil-rich Andean nation, according to the UN High Commissioner for Refugees. Those who can’t leave the country are at extreme risk of starvation, as surging prices erode the value of Venezuela’s currency.