eToro Introduces Humanitarian Blockchain Project to Promote Economic Equality

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Social trading and multi-asset brokerage company eToro has launched a humanitarian blockchain project in an effort to address equity gaps between the wealthy and the impoverished.

Announced during the recently launched Web Summit held in Portugal, GoodDollar is a humanitarian initiative pioneered by crypto trading platform eToro to explore how blockchain technology can be utilized to create economic equality. To that end, eToro has invested $1 million to support the project, with plans of collaborating with several partners to further promote the initiative.

As the company stated on its website:

“Our mission is to build a new, global, open-source cryptocurrency – called GoodDollar – to distribute money using the principles of universal basic income (UBI). GoodDollar, a 100% not-for-profit project, is nurturing an ecosystem – including academics, NGOs, ethical investors, crypto supporters, and anyone who cares about reducing inequality.”

This would not be the first time non-profit organizations have leveraged on the nascent technology to promote humanitarian efforts. In a press release published July 2016, it was indicated that the UK government has been conducting a trial with tech startup GovCoin to develop a blockchain-based platform for welfare payments to be recorded on a distributed ledger for better financial management. In March 2018, Ethereum co-founder Vitalik Buterin has also collaborated Ethereum-based, open payment platform OmiseGo to donate $1 million to aid refugees.