The Israel and London-based eToro has injected $1 million into the new non-profit project which goal is to reduce income inequality with a new cryptocurrency called GoodDollar, according to the report of Fintech Futures magazine.
As it was stated by eToro, the project aims to use a new cryptocurrency to establish universal basic income (UBI) by paying “social interest” to individuals who have less. Thus, GoodDollar coin will operate on four basic principles: it’s available to anyone, exchangeable with other currencies, has low transaction fees, and is fairly distributed across wealth segments.
We believe that we can create a mass-market cryptocurrency that is engineered to reduce inequality and provide a UBI. Engineers, product designers and economists are currently developing the prototype. Today is just step one on a long, ambitious journey,” said Yoni Assia, eToro CEO.
Earlier it was reported that UK-based crypto and fiat exchange platform eToro actively develops its platform by releasing its personal wallet for bitcoin and listing three new altcoins.
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