More insight from the article (link below):
A new initiative is giving 160 low-income New Yorkers $12,000 over five months in a cryptocurrency called USDC to study how well no-strings-attached support works to alleviate poverty and improve quality of life.
The program is administered by GiveDirectly and funded by Coinbase, will distribute the money aiming to understand the benefits and drawbacks of giving in crypto.
The NYC pilot is giving participants one large $8,000 lump sum, along with five smaller deposits of $800. GiveDirectly believes that doling out most of the money at once should make it easier for recipients to make substantial upfront investments in education or housing.
The initiative is part of the guaranteed income movement, which tests the theory that distributing money directly to people in need without dictating how it's spent is a more efficient and effective way to fight poverty.
Good work @coinbase 🫶
A new initiative is giving 160 low-income New Yorkers $12,000 over five months in a cryptocurrency called USDC to study how well no-strings-attached support works to alleviate poverty and improve quality of life.
The program is administered by GiveDirectly and funded by Coinbase, will distribute the money aiming to understand the benefits and drawbacks of giving in crypto.
The NYC pilot is giving participants one large $8,000 lump sum, along with five smaller deposits of $800. GiveDirectly believes that doling out most of the money at once should make it easier for recipients to make substantial upfront investments in education or housing.
The initiative is part of the guaranteed income movement, which tests the theory that distributing money directly to people in need without dictating how it's spent is a more efficient and effective way to fight poverty.
Good work @coinbase 🫶
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