eToro Invests $1 Million to Expand GoodDollar Universal Basic Income Project

  • eToro announced it invested $1 million in GoodDollar, a non-profit organization.
  • The fund will help expand GoodDollar’s universal basic income project.

eToro announced it devoted a $1 million stake to the GoodDollar universal basic income project — a non-profit organization on a mission to drive financial education and inclusion.

In a press release, eToro said it is increasing its stake in GoodDollar’s universal basic income (UBI) protocol from $58,000 to $1 million. This is part of its commitment to opening the digital economy to millions of crypto users worldwide.

According to the firm, the fund will help expand GoodDollar, which was founded by Yoni Assia, eToro CEO, and sponsored by eToro. Still, the organization functions as an independent foundation and entity.

What is more, GoodDollar bridges the growing global wealth barrier with a combination of smart contract mechanics, decentralized finance (DeFi), and a reserve-backed token, the G$.

Moreover, a year after launching its Proof of Concept, GoodDollar shared its result, showing that the network distributed $16,000 worth of UBI in G$ to over 225,000 people, based on the first stake of $58,000.

Looking at the result, eToro raised its stake more than 17-fold. As per the firm, the move comes amid the fall launch of GoodDollar V2, which will let any believer give capital to the system and commit to making global UBI a reality.

On top of that, Yoni Assia, CEO of eToro said,

Too many people are locked out of opportunities that could take them out of poverty, including access to capital markets and digital work opportunities.’

In addition to this, Assia added, “The GoodDollar project aims to alleviate that by fostering financial inclusion and empowerment around the world. Our hope is for other innovation leaders, who recognize the potential of crypto, to join us and help use the burgeoning power of DeFi responsibly.”

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