The $50,000 donation will be used to mint more G$ tokens which will, in turn, lead to more users returning to use the same token on Shopping.io’s platform for their purchases.
Premier cryptocurrency E-commerce platform Shopping.io has announced its decision to donate $50,000 in support of eToro’s non-profit initiative, The GoodDollar initiative.
The initiative launched by the social trading and multiple asset investment firm eToro in 2020 is based on Yoni Assia’s social money theory. It aims to generate, finance and distribute a basic income worldwide via the GoodDollar token (G$).
The support is the E-commerce giant’s way of fulfilling its objective of onboarding and educating one billion users of digital assets. Shopping.io is the only company at the time of writing to allow users to make purchases from major E-commerce hubs using crypto.
With this announcement, GoodDollar users will from June 4, 2021, be able to use their G$ tokens to make purchases on Amazon, eBay and Walmart through Shopping.io’s E-commerce platform.
What Is Unique about GoodDollar?
The GoodDollar initiative is eToro’s attempt to ensure the remaining 1.7 billion people that are unbanked globally are connected to the financial world. The initiative offers everyone access to basic financial assets.
It is unique in that it uses a scalable and sustainable approach to generate a crypto-based UBI, that utilizes the principles of impact investing to its financiers earn rewards while using crypto to fund social projects.
With access to an internet connection and a phone number, users of GoodDollar will have access to the G$ tokens which can be stored in a wallet and then used for business transactions.
Shopping.io Donation
The $50,000 donation will be used to mint more G$ tokens which will, in turn, lead to more users returning to use the same token on Shopping.io’s platform for their purchases.
The possibility of being able to make purchases to serve everyday needs is a major milestone for the project and its members as beneficiaries of the GoodDollar’s daily basic income will now be able to spend their gains on what they really need.
With this donation, Shopping.io becomes the first firm to donate to the initiative and speaking about this, the Chief Executive officer and co-founder of eToro hopes that the donation will spur other philanthropists, crypto-enthusiasts, and companies to pitch in their tent and support the cause.
“We loved what GoodDollar was doing and wanted to help in any way we could, so we decided on this impact-driven model which I believe will bring a lot of good not only to the people they support but to the entire growing crypto community,” said Arbel Arif, Founder and CEO of Shopping.io.
The funds will specifically be used to improve and make virile the basic income fund which all global members of the initiative will then benefit from instead of being diverted into operational expenses.
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