Coinbase CEO Brian Armstrong Removed from Giving Pledge Amid Nonprofit Closure

Brian Armstrong has been removed from the Giving Pledge following the closure of his nonprofit, GiveCrypto. Other crypto leaders, including Sam Bankman-Fried and T. Denny Sanford, have also faced removal from the Giving Pledge.

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Meghna Chowdhury
Meghna Chowdhury
Meghna is a Journalism graduate with specialisation in Print Journalism. She is currently pursuing a Master's Degree in journalism and mass communication. With over 3.5 years of experience in the Web3 and cryptocurrency space, she is working as a Senior Crypto Journalist for UnoCrypto. She is dedicated to delivering quality journalism and informative insights in her field. Apart from business and finance articles, horror is her favourite genre.

It looks like the Coinbase CEO has landed himself in a soup. Brian Armstrong, CEO of Coinbase Global Inc., has recently removed from The Giving Pledge, a commitment by billionaires to donate the majority of their wealth to charitable causes during their lifetimes or in their wills

In 2018, Armstrong became the first cryptocurrency tycoon to join the club that Bill Gates, Melinda French Gates, and Warren Buffett had created. Armstrong’s withdrawal was confirmed by a representative for the Gates Foundation; this is unusual for signatories.​

Why was Armstrong Removed from The Giving Pledge?

Armstrong’s exit comes after GiveCrypto, his NGO, recently closed. GiveCrypto, which was founded to give digital money to people in need, closed its doors in December 2023. Due to its inability to achieve significant results with financial transfers alone, the organisation was forced to close.

Armstrong recently spoke about his thoughts on Coinbase and the direction of cryptocurrencies in a podcast with the Wall Street Journal. He underlined that Coinbase has always placed a longer-term strategy ahead of short-term financial advantages. 

Comparing Coinbase to other firms in the industry, Armstrong said the company is less showy but rather more product-focused. He explained this strategy by saying that he likes to work in silence while collaborating with his team to create reliable products.

What Does the Coinbase CEO Think About the Future of Crypto?

Looking ahead, Armstrong shared his vision for the future of the financial system. He believes that cryptocurrency will play a crucial role in creating a more equitable and efficient global financial system.

According to Armstrong, the next five to ten years will see a significant portion of global GDP transacted through cryptocurrency. He anticipates that the efficiency, lower fees, and real-time settlement offered by crypto will lead to its widespread adoption.

Armstrong envisions a future where cryptocurrency serves as the backbone of a more globally connected financial system, much like the internet has transformed communication and information sharing.

He predicts that over the next two decades, the integration of crypto into the financial system will greatly enhance economic freedom and drive human progress.

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