Exchange News

Coinbase Update:100+ Venezuelan families get free crypto from the exchange

Coinbase Update: The leading cryptocurrency exchange in the United States, is making yet another move to drive adoption of digital currency as it helps needy families in Venezuela.

Through its campaign dubbed ’12 Days of Coinbase’, the exchange will credit more than 100 families with crypto on a daily basis for the next 3 months.

In a coinbase update through their official Medium blog, they noted that they will:

“Put$1 USD worth of crypto directly into the crypto wallets of more than 100 families in Santa Elena [a border town in Venezuela] every day for three months. Recipients can purchase food and basic supplies at a local store that accepts payments in crypto, subsidizing everyday expenses.”

While 1U.S dollar may seem like a very tiny amount to give to a whole family, this is a worthy gift to Venezuelans considering the high inflation rate in the country. If still wondering what $1 can do, Coinbase notes that it can “buy 1-2 kilos of proteins or 2 kilos of starches and vegetables.” as such, apart from opening up Venezuelans to crypto by just crediting them with crypto, the exchange will be feeding over 100 families for three months.

The exercise will be carried out through GiveCrypto.org, an organization founded by Brian Armstrong, the CEO of Coinbase. The exchange will donate 10,000 U.S dollars in the form of Zcash coins to GiveCrypto.org which will be tasked with crediting the families with crypto.

The Coinbase update continued to note that:

“This gift is just a start. GiveCrypto.org and peer organizations will need more support from us and the community as they create inroads where crypto can help.”

Still in Venezuela, the fourth largest fast food franchise in the world, Church’s Chicken, has announced that it is accepting payments with crypto coin Dash.

In the announcement, the food chain said it will accept payments with crypto coin Dash in all its outlets which are scattered across 25 countries and total to more than 2000 outlets.

“We trust Dash and that it will become a growth agent in this new financial world,” said Orlando Nayas, director general, Church’s Chicken, Venezuela.

Do you think about this Coinbase update on crediting 100 families with crypto? Will it help drive crypto adoption not only in Venezuela but also across the globe?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

  1. This is a joke. Nobody in Venezuela has even heard of Zcash, let alone demand it. There isn’t even a way to use it. Dash is the only crypto in Venezuela that is actually being used and accepted. This is nothing but masturbatory pandering by Coinbase.

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