eToro raises stake in universal basic income protocol GoodDollar to $1M
- GoodDollar has a combination of DeFi, smart contract mechanics, and the G$, a reserve-backed crypto token.
- Platform distributes capital to an international member community in the form of GoodDollar tokens
- GoodDollar has almost a quarter of a million users
Online asset exchange platform eToro is raising its stake in GoodDollar’s universal basic income (UBI) protocol from $58,000 to $1 million as a way of reinforcing its commitment to welcoming another billion crypto users to the digital economy. The additional funds will go toward expansion of the protocol GoodDollar, which works to bridge the growing global wealth gap and further financial education with a clever combination of DeFi, smart contract mechanics, and the G$, a reserve-backed crypto token.
A cleverly devised systemCopy link to section
The GoodDollar system works by staking sponsors’ capital in Aave (AAVE/USD) and other DeFi protocols and distributing it to an international member community in the form of GoodDollar tokens. The protocol presents the benefits of crypto to recipients at the same time.
Yoni Assia, CEO of eToro, explained his company’s investment move:
“Too many people are locked out of opportunities that could take them out of poverty, including access to capital markets and digital work opportunities. The GoodDollar project aims to alleviate that by fostering financial inclusion and empowerment around the world. Our hope is for other innovation leaders, who recognize the potential of crypto, to join us and help use the burgeoning power of DeFi responsibly.”
GoodDollar is universally accessibleCopy link to section
Anyone all over the world can access free crypto currency via the GoodDollar app and join the digital economy. Similarly, anyone can stake capital to support the project goals of the project. GoodDollar has almost a quarter of a million users in most countries across the globe, making it the most universal UBI program in the world to date.
UBI distributed to each user based on small initial stakeCopy link to section
Recently, GoodDollar published the outcomes of its Proof of Concept, which was designed to validate the economic model and encourage market adoption. In one year, the protocol distributed UBI worth $16,000 to all of its users in its native token. This was based on an initial stake of less than $60,000. This success motivated eToro to up its stake by more than 17 times.
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This fall, we can look forward to the launch of GoodDollar V2, which will let anyone obtain a stake in the system and help make global UBI a reality.