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What if you could send money to people living in extreme poverty around the world and put it directly into their pockets? That's the idea behind Glo, a new stablecoin that has raised more than $2 million from donors and is scheduled to launch next month, CNBC reports.
Created by a nonprofit called Global Income Coin, the cryptocurrency is backed by a single US dollar, so if you send $1,000 to Glo and send it back to Glo, it stays in your crypto wallet and can be converted back to regular US dollars if you need it.
Every Glo that exists is backed by a single US dollar.
Jeff Milewski, one of Glo's co-founders, tells TechCrunch that every $1,000 sent to Glo generates $25 in profit for the charity, which gives 100% of that profit to people living in extreme poverty.
The charity, GiveDirectly, has been providing direct cash transfers to people living in poverty in Kenya for 10 years, but Glo is the first stablecoin of its kind, according to a press release.
It works like this: You send Glo to GiveDirectly, and the charity creates 1,000 Glo for you and sends them to you.
Every Glo that is sent stays in the Glo reserve, where it can be converted back to regular US dollars if need be.
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