Coinbase Funds Crypto UBI Experiment in New York – Will This Be the Future?

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Ah, Coinbase, always the hero of the modern world! They’ve decided to fund a grand experiment that’ll deliver a whopping $12,000 worth of USDC to 160 lucky New Yorkers. What a generous gesture, don’t you think? Managed by the fine folks at Givedirectly, this program will not only help these fortunate recipients, but also provide a unique opportunity to see how cryptocurrency is spent and exchanged. Truly, a gift that keeps on giving – to Coinbase’s curiosity!

Coinbase Funds ‘Future First’ Universal Income Pilot In New York

The Facts

Oh, the wonders of modern finance! Coinbase, in its infinite wisdom, will finance a universal basic income (UBI) pilot to help those less fortunate in New York City, while simultaneously studying how they manage this newfangled crypto money. Because, why not? They’re throwing in $12,000 in USDC, Circle’s stablecoin, with no strings attached. Yes, you heard that right – no conditions whatsoever. The funds are as free as a bird!

The program is cheekily named “Future First” and has selected 160 lucky souls to receive this digital windfall. The payments will be distributed over six months, with a lavish $8,000 lump sum to start things off, followed by five installments of $800. A nonprofit named Givedirectly, already familiar with such experiments in places like Kenya, Liberia, Rwanda, and Mozambique, will handle the distribution. And all of this, mind you, is brought to you by Coinbase – ensuring you won’t ever forget who’s behind it all. 👏

But wait, it’s not all sunshine and rainbows! Experts, including Hilary Allen from the American University’s Washington College of Law, have some concerns. Apparently, giving out money in crypto could tempt recipients to invest it in, wait for it… Bitcoin. Well, of course! Who wouldn’t want to gamble with their newfound crypto fortune in the wild world of digital assets? 🎰

But not to worry! Givedirectly’s Emma Kelsey chimed in with a silver lining: the cost of delivering the first batch of payments is practically a steal – less than 30 cents per payment. So, if you thought crypto was just about volatility, think again. It’s also a bargain, folks!

Why It Is Relevant

The genius behind this experiment is twofold, dear reader. Not only does Coinbase want to observe how the free income impacts the lives of these fortunate individuals, but they also have their sights set on examining whether cryptocurrency is a viable method for distributing such funds. Oh yes, they’re not just throwing money around for fun – they’re paving the way for the future. One block(chain) at a time!

Let’s not forget, the question of universal basic income (UBI) has become quite the hot topic lately, especially with artificial intelligence (AI) knocking on the door of entry-level jobs. Experts predict that soon, some jobs might be taken over by our AI overlords, so why not prepare the masses for a world where crypto may save the day? It’s all part of the great plan…or is it?

Looking Forward

If this pilot doesn’t flop like a bad investment in Dogecoin, it could prove that crypto is indeed the perfect vehicle for delivering financial aid to the unbanked and tech-averse. Blockchain enthusiasts everywhere will be cheering, proclaiming that the future is here, and it’s more stable than your average bear market.

FAQ

  • What initiative is Coinbase funding in New York?
    Coinbase is funding a universal basic income (UBI) pilot called “Future First,” aimed at providing low-income citizens with financial support in cryptocurrency. Because what’s more fun than crypto, right?

  • How much will participants receive and in what form?
    A dazzling $12,000 worth of USDC will be distributed to 160 New Yorkers. Don’t worry, there’s no catch. Just crypto and freedom! 💸

  • How will the payments be structured?
    Six glorious installments: $8,000 at the start, followed by five payments of $800 each. It’s like getting a nice bonus every month, but with crypto! 💰

  • What are potential concerns regarding cryptocurrency payments?
    Some experts fear that receiving funds in crypto might lead participants to play the markets, perhaps investing in volatile assets like bitcoin. Because who wouldn’t want to play the crypto lottery? 🎲

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2025-11-30 14:09