Coinbase CEO Brian Armstrong becomes the first crypto billionaire to join the likes of Warren Buffett and Bill Gates in pledging to donate a large part of his wealth to charity.

2017 was a year that created many millionaires and billionaires in the blockchain and cryptocurrency world. One such crypto billionaire is Brian Armstrong, the co-founder and CEO of U.S.-based cryptocurrency exchange Coinbase.

CNBC reports Armstrong has now joined the ranks of billionaires who have pledged to donate personal wealth for philanthropy. Earlier this week, he officially signed the Giving Pledge, a campaign to encourage wealthy people to contribute a majority of their wealth to philanthropic causes.

What is the Giving Pledge Campaign?

The Giving Pledge campaign was started in August 2010 when 40 of America’s wealthiest individuals and couples came together and committed to giving more than half of their wealth away. The initiative was started by Bill and Melinda Gates and Warren Buffett.

Currently, the pledge includes 187 of the world’s wealthiest individuals, couples, and families. The signatories include billionaires from 22 countries, ranging in age from their 30s to their 90s.

Other prominent signatories include Elon Musk, Ray Dalio, Bill Ackman, and Michael Bloomberg.

Armstrong’s Stake in Coinbase

Coinbase witnessed phenomenal growth last year, riding on the massive Bitcoin bull run. It is reported that the popular crypto platform was signing up 50,000 users a day at the peak of the rally. Armstrong, reportedly, holds a stake worth $1.3 billion in the firm.

In a blog on the Giving Pledge website, Armstrong said:

Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One’s ambition begins to move outwards.

He added:

I’ve always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth.

The Coinbase CEO launched his first philanthropic initiative called GiveCrypto.org earlier this year. The non-profit organization accepts donations from cryptocurrencies and makes direct cash transfers to those in need.

The recipients are free to cash out in local fiat currency, buy goods or services, transact in cryptocurrencies, or hold the cryptocurrencies long-term.

Coinbase has taken multiple steps this year to expand its footprint across the globe, including the launch of its Coinbase Custody solution, new bundle offerings, the addition of new assets, and the recent start of an OTC desk. The firm had recently raised $300 million and has a reported valuation of $8 billion.

What are your thoughts on Armstrong’s decision to sign the Giving Pledge? Let us know in the comments below.

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