Coinbase and Positive impacts of Cryptocurrency
At CryptoFits, one of the aspects that we love about blockchain is that even the most successful companies are interested in the way that they can positively impact the world around them. One company that certainly proved this was Coinbase, with their recent “12 Days Of Coinbase” series, in which they made a significant announcement for 12 days in a row.
In one recent announcement, Coinbase stated that they had donated $25,000 to over 60 survivors of domestic violence. Coinbase partnered with Freefrom, which pledges to help domestic survivors by aiding them on their way to economic independence and stability.
The beauty of the initiative is that domestic abuse victims often are “financially abused”. In fact, according to the CEO of Freefrom, 98% of domestic abuse involves financial abuse. This means that abusers often control the victim’s cash and financial assets. Coinbase pointed out that cryptocurrency could potentially change that, in its recent blog about its donation.
Unlike the physical asset of cash - cryptocurrency can be controlled by the victim without the abuser knowing about it. This could potentially help many domestic abuse victims gather the means to leave their abuser once and for all, and start a clean slate. The discreet access associated with cryptocurrency means that domestic abuse victims can actually begin to control their financial future.
This is extremely important for several reasons. Without the ability to rebuild a financial future, a domestic abuse survivor might risk homelessness, which obviously poses a whole new set of risks. It also means that when they leave their abuser but are not yet financially stable; they might return to their abuser, as well. Of course, if the victim has children with the abuser, this only serves to deepen the complications.
There is also data that shows how dangerous the issue of domestic violence is. In fact, a recent study conducted by the United Nations pointed out that the most dangerous place for women was their home. The tweet quickly went viral, garnering thousands of retweets and likes:
This is a great move by Coinbase, which is one of the most important in the cryptocurrency sector, and was recently valued at a staggering $8 billion. It’s always nice to know that even the largest cryptocurrency companies are still finding ways to make an innovative social impact thanks to crypto.
Freefrom is an organization that is innovative in that is uniquely dedicated to support domestic abuse survivors through financial security. In fact, its CEO, Sonya Passi, claimed in a “Fast Pitch” speech earlier this year that it was the only one of its kind in the United States. You can find the video below: