I just shipped a crypto project which I think all of you might actually like. It’s a digital dollar that helps end extreme poverty called Glo Dollar. We're backed by Sid Sijbrandij (GitLab).
How it works:
1. You buy $1 Glo Dollar for $1 USD
2. Our partners invest the $1 USD in US Treasuries
3. Revenue we make we donate to a charity called GiveDirectly.org who use it to fund basic income programs for people in extreme poverty
Note that you can _always_ redeem your $1 Glo Dollar for $1 USD again.
We’re doing this because we believe stablecoins are a public good and should be managed as one. At the moment, the two big stablecoin companies are making record profits for a tiny group of shareholders instead. Tether, the issuer of USDT, shared profits of ~$1.5 billion in Q1 on assets under management of ~60 billion, with just ~50 people on staff. Even though its success is mostly attributable to the ecosystem’s adoption.
Glo Dollar seeks to radically change this dynamic by repurposing its revenue to a good cause rather than risk/profit-seeking shareholders. At scale, we could lift millions of people out of extreme poverty. So even if you loathe crypto, we hope you at least appreciate what we’re trying to achieve. Very curious what y’all think :-)!
