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eToro pledges $ 1 million for universal basic income solutions on the blockchain

EToro's social trading platform is kicking off a new $ 1 million fund to support research into the use of blockchain to reduce wealth inequality – and is recruiting partners.

The initiative, called GoodDollar, aims to create a fully open source community project. The concept is to develop a system of wealth redistribution based on blockchain and lay the foundation for an open and universal basic income system.

As part of this mission, the $ 1 million experiment will focus on finding ways to implement a cryptocurrency that places the social interest on those in need.

"The success of new technologies should not be measured only by their ability to fuel new industries and destroy old ones, but also by their ability to influence positive changes in the world, "said Yoni Assia, eToro CEO." Technology should be used to face the great challenges of our time. "

With GoodDollar, eToro wants to encourage experts from around the world to rethink the existing economic framework and use smart contracts and cryptocurrency to exploit them.

"Inequality is the crucial economic challenge of our time, "said Assia." We look for experts in the areas of decentralized identity, governance, local and global adoption of financial products and wealth distribution. "

At the beginning of March, eToro closed a $ 100 million private financing round. The trading platform, which has over 10 million users, has revealed that it intends to use cash injection to expand globally and simplify its blockchain research and development unit.

A few months later, eToro unveiled plans to launch a new cryptocurrency swap operation in Europe and the United States. Just this week, he also launched a new standalone cryptocurrency portfolio.

Now the company is trying to keep its promises for a blockchain search at the forefront – and GoodDollar is an important step in this direction.

"We are looking for ambassadors to help spread the word about the project, and for lenders to help us deliver GoodDollar, "added Assia." So if you're passionate about using technology for social good, please get in touch. "

Published November 8th 2018 at 14:05 UTC

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