eToro used GoodDollar’s UBI wallet to facilitate the $ 100,000 employee donation program as part of the UBI pilot
GoodDollar, a nonprofit initiative that works to deliver Universal Basic Income (UBI) through blockchain technologies, launched their wallet for basic income last week by facilitating $ 100,000 in coronavirus donations to investment platform eToro.
EToro used GoodDollar’s UBI wallet to facilitate their employee coronavirus campaign, with over 300 employees using the wallet to donate $ 100,000 to local Israeli charities to support the vital work being done to fight the coronavirus pandemic. The four charities are Sheba Medical Center, Kaplan Medical Center, no2violence and Leket Israel.
Yoni Assia CEO and co-founder of eToro said of the donations:
“This initiative was not just about doing good for others with a charity donation, it was about showing the power of a collective committed to social impact and global well-being.
The coronavirus pandemic reinforces the argument for universal basic income. Direct credit transfers and aid packages are now part of the day-to-day political conversation, demonstrating the importance of regular minimum income in strengthening an entire financial system. ”
GoodDollar’s goal is to create a framework for delivering a global, sustainable and scalable universal basic income through blockchain technology. Universal basic income, also known as UBI, is the idea of providing people with an unconditional, recurring cash payment – a policy proposal that has grown in global prominence and popularity in recent months following the economic consequences of the coronavirus pandemic.
GoodDollar’s vision is a world where everyone has access to basic economic assets, and aims to give away small amounts of basic income on board new users in the digital asset space. The solution includes a cryptocurrency, G $, which is distributed as UBI, and a digital UBI wallet, which it recently launched in partnership with eToro. A public demo version of the wallet is now available to the public online.
In January 2020, GoodDollar partnered with eToro, the main corporate sponsor, to initiate a limited test of the GoodDollar payment system. The aim was to stimulate trade in GoodDollar coins between people in a closed market (GoodMarket) for people to trade second hand goods and services between the 500 employee pool in the eToro office in Tel Aviv. During the five-month closed beta, hundreds of participating workers exported tens of thousands of dollars in trade.
At the end of the test at the end of April, employees were able to use their UBI wallets to transfer their remaining GoodDollars to one of four local charities where eToro matched the donations to real dollars. To increase the impact, eToro has dropped an additional 200 GoodDollars demo into the wallets of participating employees. In total, more than $ 100,000 in donations were contributed to aid organizations.
GoodDollar is months away from the live launch of its protocol and G $ coin, which is designed to generate and finance UBI on a global scale. The coronavirus utility marked the launch of the UBI wallet, the sunset of eToro’s closed beta, as the GoodDollar team works to release the currency publicly. A demo of the UBI wallet is now available at GoodDollar.org.
Yoni Assia adds:
“GoodDollar is all about leveraging innovation and network effects to inspire more people to do good for each other. This is the perfect end of one chapter as we strive for more impact and give everyone the opportunity to do good for others in our public publication.
GoodDollar is working to deliver a global UBI solution by embracing blockchain technology and token design to reduce global wealth inequality. The global coronavirus pandemic and the coming months of uncertainty show the urgent need for UBI. We believe this is technically feasible by creating financial products that include inclusive design and generate the right incentives to deliver on these designs. ”
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eToro was founded in 2007 with the vision to open up world markets so that everyone can invest in a simple and transparent way. The eToro platform allows people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of over thirteen million registered users who share their investment strategies; and anyone can follow the approaches of those who have been most successful. The simplicity of the platform makes it easy for users to buy, hold and sell assets, track their portfolio in real time, and conduct trades whenever they want. www.etoro.com
Founded in 2018, GoodDollar is a nonprofit committed to providing the world with a universal basic income using blockchain technologies. We do this by conducting monetary experiments and presenting a new framework for generating, financing and distributing universal basic income on a global scale. Our vision is a world in which everyone has access to basic economic assets by building financial products that are inclusive by design.
eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.