eToro Investment To Bolster GoodDollar Universal Basic Income Initiatives

What Happened: eToro, a multi-asset investment platform, raised its stake in GoodDollar’s universal basic income (UBI) protocol from $58,000 to $1 million.

The development comes as part of eToro’s vision to empower people to grow their knowledge and wealth; with this new investment, eToro reinforces its commitment to opening the digital economy to the next billion global crypto users.

The capital will fund the expansion of GoodDollar, a protocol that is furthering financial education and bridging the global wealth gap via decentralized finance (DeFi) initiatives. The firm’s model captures interest generated by staking sponsors’ capital in DeFi protocols — Aave and Compound, for instance — and distributes that as GoodDollar tokens (CRYPTO: G$).

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“Too many people are locked out of opportunities that could take them out of poverty, including access to capital markets and digital work opportunities,'' said Yoni Assia, CEO of eToro. “The GoodDollar project aims to alleviate that by fostering financial inclusion and empowerment around the world. Our hope is for other innovation leaders, who recognize the potential of crypto, to join us and help use the burgeoning power of DeFi responsibly.”

Why It Matters: GoodDollar is the world’s most universal UBI program to date, distributing $16,000 worth of UBI via a reserve-backed crypto token — the G$ — to more than 225,000 people, based on eToro’s initial stake of $58,000.

Implications: GoodDollar, in drawing upon the power of DeFi, is free from geographical, economic, and regulatory restrictions.

That means anyone can join the digital economy and stake capital using the GoodDollar app.

To learn more about GoodDollar and its upcoming V2 update, click here.