New Yorkers Get $12,000 in Crypto – Is This the Future of Charity?

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Coinbase, in a grand gesture of modern philanthropy, has decided to partner with the non-profit GiveDirectly to sprinkle some crypto magic on low-income New Yorkers aged 18 to 30. But wait, there’s a twist: it’s not just any crypto-it’s USDC. So, no, not the kind of currency that turns into a pumpkin at midnight, just a stablecoin. Fancy, right?

And here’s the kicker: this isn’t just some small change tossed at random folks. Oh no. This is a full-on $12,000 worth of USDC, distributed in six tidy little installments to 160 lucky residents picked by lottery. Because, naturally, we all know that a lottery is the ideal method to solve poverty. 🙄

USDC: The New New York Solution to Poverty

GiveDirectly, a darling of the non-profit world, has joined forces with Coinbase in this audacious scheme. The idea? To alleviate poverty in New York City. But not by providing food, shelter, or anything remotely practical. Oh no, instead, we get crypto-because who needs a roof when you can have blockchain technology?

The funds will be administered by GiveDirectly, and Coinbase, as you might guess, is only here for the ‘transfer’ part. Because, you know, someone has to move the crypto around. Let’s be clear: Coinbase’s role stops there. The rest? Well, that’s all on GiveDirectly.

📌 Crypto meets UBI: Coinbase + GiveDirectly giving 160 low-income NY residents $12K in USDC – $8K upfront for housing/education, then 5 monthly $800 payments (Cryptopolitan). No strings attached, testing if “a lump sum at the beginning can lead to better outcomes”. Stablecoins…

– Dr Efi Pylarinou (@efipm) October 2, 2025

In case you missed it, that’s $8,000 upfront for housing and education (who knew USDC could pay for that?), followed by five monthly payments of $800. Yes, you read that right. No complicated paperwork, just “here’s your crypto, good luck!”

“We wanted the funds to go to a US-based non-profit whose mission was aligned. Our goal is to increase economic freedom in the world, and we want to bring the transformative power of blockchain technology to those who need it most,” a Coinbase spokesperson told BeInCrypto.

Because, nothing says “freedom” like getting some USDC into your Coinbase wallet, right?

But wait, let’s not get too cynical. This is, after all, the first program in the US to distribute money in cryptocurrency-because that’s exactly what low-income communities need. More digital wallets and fewer actual solutions to their problems. But hey, at least it’s innovative!

Will You Be the Next Crypto Expert?

Ah yes, the inevitable learning curve. Not content with just handing out cash, Coinbase and GiveDirectly have also taken it upon themselves to turn these lucky recipients into crypto experts. After all, spending stablecoins is just so much more fun than using cash, right?

Participants will need to learn the fine art of transferring crypto from their Coinbase wallet to a traditional bank account. Alternatively, they can make purchases via a Coinbase debit card. If they’re feeling particularly adventurous, they can even withdraw cash from an ATM, assuming their machine of choice is friendly with USDC. Who knew poverty could be so high-tech?

But for the true crypto connoisseur, the easiest option is just to leave the funds sitting pretty in their Coinbase account. Because who wouldn’t want to keep their finances stored in a digital vault, away from any of that pesky physical world? 😎

Coinbase’s Long History of “Giving”

Now, this isn’t the first time Coinbase has dabbled in the world of charitable giving. In 2018, they launched GiveCrypto, a project aimed at distributing cryptocurrency to the world’s needy. It was going to be revolutionary! Except, by 2023, they’d given up, citing a lack of “lasting change.” A bold move, considering the ongoing struggle with global poverty. But, in a delightful turn of events, they handed over $2.6 million to GiveDirectly to fund this very pilot program.

So, while it might not change the world in a meaningful way, at least it has the appearance of doing something new and exciting. And isn’t that what really matters? 💸

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2025-10-03 23:33