Another startup has emerged to potentially aid struggling Venezuelans with crypto.
Give Crypto: Venezuela’s Answer?
The company is called Give Crypto, and it’s run by Joe Waltman, who’s the executive director. He comments that countries like Venezuela have fallen victim to financial problems that can no longer be solved or controlled through traditional means. He says crypto is the answer because it gives them quick and easy access to funds that they can use to put food on their tables. He states:
Crypto has the highest likelihood of being helpful to people in places where money is broken, and there’s probably no better example of broken money right now than Venezuela.
The South American nation used to be the richest in the continent, but the socialist agenda instilled by current president Nicolas Maduro has brought the country into an endless ring of poverty. Inflation and other economic problems have caused the country’s national currency, the bolivar, to fall into oblivion. It’s a country where supermarket shelves are bare, unemployment is high, and people are now attacking zoo animals for food.
Give Crypto works by giving all families who have signed up a weekly deposit of about $7. That’s minimum wage in Venezuela. The company also seeks to give users access to crypto apps, so they can “transfer their own earnings” into crypto, which they can then use to purchase whatever services and goods their families need after they’ve stopped earning the deposits.
Project manager Efrain Pineda comments:
We want to show that people who are not techies or investors can also benefit from this technology. Anyone can use crypto to protect themselves from inflation and make their daily life easier.
One of the company’s recipients, Leticia Luque, comments that Give Crypto has helped her tremendously. Describing her situation, she recalls:
We used to be in a rush to purchase goods before our bolivars lost their value. Now, we can take our time and we know that our earnings are in a safe place.
Another benefit of the company’s services is that it shows customers how to invest in crypto. Thus, if they’re able to do things correctly, they can potentially start building up their savings, so they no longer need free deposits and they can take care of themselves. Individuals are not just receiving financial assistance; they’re also receiving education.
Another customer, Andreina Cordero, comments that she and her husband got used to regularly skipping meals, so their children could eat. Her spouse was a construction worker who hadn’t been employed in some time, and their savings were hit hard by the country’s ongoing economic problems. She says that if it wasn’t for Give Crypto, her family wouldn’t have survived.
Surviving Through Free Deposits
Describing Give Crypto’s executives, she states:
I’m very grateful for what they did for us. It would be a blessing if something like that were set up again.