Brian Armstrong, co-founder and CEO of Coinbase, announced in a blog post that he is joining The Giving Pledge, an organization founded by Bill Gates and Warren Buffet to encourage the wealthy to donate a majority of their wealth to charitable causes. In the blog post, Armstrong states that "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," and that he has "always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth." The Coinbase CEO will be the first crypto-entrepreneur to join The Giving Pledge.
This is not Armstrong's first philanthropic effort. In June, he announced the launch of GiveCrypto.org, a charity organization that distributes cryptocurrencies to people living in poverty.