Crypto Exchange FTX Pledges to Donate 1% of Fee Revenue to Charity

Crypto Exchange FTX Pledges to Donate 1% of Fee Revenue to Charity

February 8, 2021

Popular cryptocurrency exchange FTX has pledged to donate 1% of its fee revenue to charity via the newly formed FTX Foundation. Per the exchange, users will be able to vote on the destination of the donations.

In a blog post where FTX points out it has “grown tremendously” as its daily trading volume now averages $5 billion, and adds the exchange was founded with the “goal of having the largest possible positive impact on the world.”

Since the beginning of last year, it adds, the exchanges, its affiliates and its employees have “donated tens of millions of dollars to charitable causes.” Thanking its users and pointing out it these should have a say in where donations go, the exchange launched the FTX Foundation.

The Foundation’s mission, it adds, is ”to make the world not just a better place, but the best place we can.” The blog post adds:

A lot about the FTX Foundation is still up in the air. We want everybody in the crypto community to be able to express their opinions about where the Foundation should donate.

Users will be able to use the same voting system they use to choose which tokenized stocks the exchange lists to vote on charities the funds are set to be donated to. The exchange has listed a few initial options but will be listening to community feedback on these options.

 To start, FTX adds, it’s pledging to allocate 1% of its revenue from fees to the FTX Foundation. According to a page dedicated to the foundation, over $3,600  have already been earmarked for charity. The page shows the funds growing in real-time.

Featured image via Pixabay.

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