This looks like yet another cryptocurrency scam. If you want to lift people out of poverty you can just donate directly to many charities that have been doing great work for decades. You don't need to go through this extra step where a bunch of crypto grifters are taking a cut.
We actually donate all the money we generate to one such a charity (GiveDirectly). If you want to donate money to GiveDirectly, that's amazing and we encourage it—donating $35/month lifts one person out of extreme poverty [1]
Glo is an additional way to contribute to GiveDirectly. Instead of (or in addition to) donating convert your USD to Glo and it will passively generate money for GiveDirectly.
Our goal is to scale up the available money for GiveDirectly to give away. We're an actual non-profit, not a scam, and no one is taking a cut. Our operations are paid from philanthropic donations; donors receive nothing; employees receive a salary.
"We don't like crypto for the sake of crypto—it's just the only viable way to create a new currency."
Really? The only viable way? It's like they've never heard of a bank. Banks accept deposits in USD. They invest those deposits in safe instruments like US treasuries. They return the deposit when requested. The deposits are insured by the FDIC. Just start a community bank and donate the proceeds to GiveDirectly. Poof, no crypto needed.
The biggest issue with stable coins at this time is that none of the primary stable coin providers will agree to follow GAAP and have trusted 3rd party audits. As a result, it is hard not to see the whole cryptocurrency ecosystem as a house of cards on an unstable foundation.
Will Glo allow 3rd party audits by an accredited firm? If so, THAT is how you'll get people to switch over.
Yes, we will allow those. In general we'll aim to be as transparent as possible, which we believe can give us a competitive advantage over other stablecoins [1]. I personally think that being a non-profit helps with being credible in that respect.
I recently joined Glo as Head of Partnerships. Happy to answer any questions about why I personally chose working with them over starting another company/working for FAANG.
melony|3 years ago
That's a lie, you are losing out on the interest rate on the money held in escrow.
nradov|3 years ago
glocoin|3 years ago
Glo is an additional way to contribute to GiveDirectly. Instead of (or in addition to) donating convert your USD to Glo and it will passively generate money for GiveDirectly.
Our goal is to scale up the available money for GiveDirectly to give away. We're an actual non-profit, not a scam, and no one is taking a cut. Our operations are paid from philanthropic donations; donors receive nothing; employees receive a salary.
1: https://www.givedirectly.org/beta/
dmabram|3 years ago
Really? The only viable way? It's like they've never heard of a bank. Banks accept deposits in USD. They invest those deposits in safe instruments like US treasuries. They return the deposit when requested. The deposits are insured by the FDIC. Just start a community bank and donate the proceeds to GiveDirectly. Poof, no crypto needed.
bb88|3 years ago
riskpeep|3 years ago
Will Glo allow 3rd party audits by an accredited firm? If so, THAT is how you'll get people to switch over.
glocoin|3 years ago
1: https://www.globalincomecoin.com/articles/stablecoin
atdrummond|3 years ago
redkoala|3 years ago