Brian Armstrong has become the first CEO of a cryptocurrency company to join a pledge that commits the majority of their wealth to causes benefiting the greater good.
Armstrong, who is the founder of Coinbase, signed The Giving Pledge: an agreement that recruits billionaires from around the world to donate their finances to philanthropic initiatives.
The pledge was started by Warren Buffett and Bill Gates in 2010, and it has since been signed by such entrepreneurial moguls as Elon Musk, Michael Bloomberg, and 150 other international philanthropists.
Though Armstrong’s exact financial contribution has not yet been disclosed, Forbes estimated that his net worth clocked in somewhere between $900 million and $1 billion in February.
Furthermore, since Coinbase has become the leading U.S.-based cryptocurrency exchange, it reportedly generated $1 billion in revenue in 2017, and they are expected to bring in an additional $1.3 billion during the coming year.
“Once a certain level of wealth is reached, there is little additional utility from spending more on yourself,” said the 35-year-old CEO in a statement. “One’s ambition begins to move outwards. I’ve always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth.”
“There is a quote I saw recently which read ‘The greatest good you can do for another is not just to share your riches, but to reveal to him their own.’ This stuck with me. Whether it’s through improving education, creating a more level playing field, or increasing economic freedom, I’m interested in helping more people see their ideas come to fruition in the world.”
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