GoodDollar unveils fresh upgrades to expand crypto-backed UBI ecosystem

abdelaziz Fathi

eToro-backed non-profit initiative, GoodDollar is making significant strides to push forward the utility of its native token through a string of technological improvements and business measures that aim to bring financial inclusion to the masses.

GoodDollar

GoodDollar, launched publicly in September 2020, has rolled out a new push to broaden the reach of G$, strengthen the GoodDAO and forge new links within the DeFi ecosystem.

Over the next 12 to 18 months, the blockchain startup will adopt measures to build out the GoodDollar impact economy as the concept of a universal basic income (UBI) remains more relevant today than ever before. The protocol will forge new connections within the DeFi ecosystem and work with the community to expand the number of places and ways G$ can be used.

eToro’s corporate social responsibility initiative will also upgrade its protocol to ensure all members of the GoodDAO community have the tools and knowledge to actively contribute to the future of the GoodDollar economy.

“GoodDollar has made major progress toward our goal of building a bridge to web3 for the world’s financially underserved. “Already, more than 340,000 people have joined the digital economy through GoodDollar. And they didn’t need either specialist equipment or specialist knowledge to begin their crypto journeys – just access to a smartphone and an internet connection,” said Anna Stone, co-founder of GoodDollar.

“The changes we plan will ensure that more DeFi users can learn about and support our mission, more projects can build on us, and more UBI recipients can claim through us,” added GoodDollar co-founder and Technical Lead Hadar Rottenberg.

Product Lead Patricia Pedrosa also touched on the development, adding that the different elements of the roadmap played critical roles in GoodDollar’s mission. As she put it: “We are working to create a unified journey that will take GoodDollar users seamlessly from first crypto use through to financial self-determination.”

Basic income made possible by blockchain

The ability to transact between fiat and cryptocurrency is a critical component for GoodDollar’s implementation and adoption as the social impact project currently has over 350,000+ members from over 181 countries.

By working with partners, GoodDollar tackles the challenges faced by millions of unbanked people and enables them to transact using a financial model they are familiar with.

GoodDollar is the brainchild of Yoni Assia, founder and CEO of e-trading brokerage eToro. The open source community delivers a solution that empowers people around the world to claim basic income through a non-speculative cryptocurrency that any cell phone owner can claim, and convert to local currency.

The product roadmap also calls for reducing global wealth inequality through a digital coin that acts as a blockchain-based banking and settlement system.

GoodDollar protocol differs from other projects in that it delivers free funds daily to all of its users. This is to achieve another of the project’s objectives which is to allow anyone to use cryptocurrencies.

GoodDollar token is backed by a monetary reserve of crypto assets. Supporters receive market-rate yield-payouts in G$, and a daily amount is set aside to be distributed as basic income. They store their assets in the GoodDollar wallet, and transact whenever they want using a financial model they are familiar with.

Read this next

Digital Assets

Kraken signs commitment to launch regulated business in Canada

San Francisco-based cryptocurrency exchange Kraken has filed a pre-registration undertaking with a Canadian provincial regulator as it works towards becoming a regulated provider in the country.

Interviews

TT’s Keith Todd brings fixed income and cybersecurity to FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Keith Todd about Trading Technologies’ move to fixed income after nearly 30 years of existence. TT is also proposing cooperation and transparency among competitors to tackle cyber risks.

Digital Assets

Binance joins FIDO Alliance to enhance user security with introduction of passkeys

“With passkeys, a user can quickly and safely sign in across multiple sites, apps, and devices with local biometric authorization. Binance will offer users a more secure and streamlined experience using passkeys on our platform without compromising on security”.

Digital Assets

ipaymy taps TripleA in Singapore for rent, invoices, taxes, salaries in Crypto

“Our white label crypto payment solution enables our partners to reap the benefits of accepting crypto payments, without managing crypto on their balance sheets. This makes it an ideal solution for businesses looking to offer cryptocurrency payments volatility-free.”

Industry News

London and New York rank joint first as top financial centers, according to…London

“The UK remains one of the most open and global financial centres with better access to international markets than the US, France, or Japan. But our competitive advantage is at risk.”

Interviews

Sterling Trading Tech (STT) discusses their Risk & Margin System at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Chief Customer Officer Keith Cacciola and Managing Director of Business Development Andrew Actman about STT’s competitive advantages, the challenges their clients face today, the firm’s product roadmap and new leadership at STT.

Institutional FX

Swedish online brokerage pioneer Nordnet deploys Citi Securities Lending Access platform

“Nordnet was one of the first online brokers in Sweden and has since expanded into a pan-Nordic leading digital platform for savings and investments. We are proud to add this collaborative initiative to our ever-growing list of market innovations for our customers.”

Digital Assets

Elwood integrates Fireblocks to further connect digital asset ecosystem

“As a first port of call, the integration of Fireblocks will enhance the portfolio management system experience for clients, providing users with a comprehensive view of their current and historical digital asset positions across all venues, including their Fireblocks movements and balances.”

Industry News

OKX to open office in Australia, starts rivalry with Kraken in Formula 1

“Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market.”

<