News22 September 2021

eToro To Promote Universal Basic Income Via Crypto After Committing $1M To The GoodDollar Project

eToro Commits $1M To The GoodDollar Project

Summary

  • eToro commits $1 million to the GoodDollar project
  • Funds will be used to promote universal basic income through DeFi.
  • The firm had previously committed $58,000 to the project

eToro, a multi-asset investment platform, has doubled down on its commitment to provide universal basic income by using crypto to help the less fortunate. Today, September 22, eToro has announced its plan to commit an extra $1 million to the GoodDollar project, where it had previously invested more than $55,000. The project has been termed as a complete success this far, further cementing eToro’s confidence in it.

Launched in September 2020, the GoodDollar project is a collaboration between ASSIA, a software firm, and eToro, even though it functions as an independent entity. Through this project, eToro provides an entryway into decentralized finance by allowing users to claim basic income through its G$ native token.

In a press release, eToro announced that the $1 million would be used as additional capital for expanding the project, making it easier for it to continue its mission of delivering financial literacy and bridging the growing global wealth gap.

GoodDollar plans to continue with its management plan where it stakes the funding in decentralized finance protocols like Compound and Aave for interest. This interest is later distributed to eToro’s community members in the form of G$ tokens.

Kibet Elikana
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