Etoro’s Gooddollar Basic Income Initiative Aims to Fund 1 Million New Users With New Referral Program

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An incentive of 100G$ will be given to registered users for new referrals, and 50G$ to new users as a ‘welcome bonus.’ Etoro, one of the world’s leading social trading platforms, has announced that it’s funding rewards for the next one million users of its Gooddollar project, following the launch of a brand new referral program.

Stablecoin G$ Aims to Become Digital Universal Basic Income

Gooddollar is a digital coin and wallet founded in September 2020 by Yoni Assia, the cofounder, and CEO of Etoro. It provides a digital form of universal basic income (UBI) to citizens worldwide by issuing a stablecoin named G$. To date, Gooddollar has supported over 50,000 users with its digital UBI, with this new referral program set to grow that further.

Under the terms of the referral program, Gooddollar users will receive a bonus of 100 G$ for each new invitee that signs up. New users are set to benefit too and receive a welcome bonus of 50 G$ once registration is completed. Etoro has yet to announce if these referral bonuses will be capped at a certain amount.

In announcing Etoro’s sponsorship of this new program, Yoni Assia remarked:

Real people are hungry to participate in social projects designed to make the world a better place. We are confident that our sponsorship of Gooddollar tokens for new users will support the onboarding of 1 million users to Gooddollar, as part of our larger mission to give more people the ability to experience and use digital currencies.

Our support for Gooddollar presents a new model for how corporate entities such as Etoro can use their resources to do social good, through supporting efforts that educate and prepare people for how to use digital currencies in a digital world.

Etoro highlights that its reserve-backed crypto asset is currently held by ‘more than 50,000 users,’ and explains that the Gooddollar network will be expanded by this new referral scheme, which will ‘strengthen the utility of G$ to be used for global peer-to-peer commerce and varied community usage.’

According to Etoro, Gooddollar is being adopted by a growing number of social entrepreneurs using G$ to fund social projects, including a soup kitchen in Israel and promoting tree-planting in Spain.

One of the benefits of digital currencies such as G$ is they can be distributed directly to users through their cell phones, directly bypassing governments. This is a benefit for countries that suffer from hyperinflation. Venezuela is one of those countries, with a recent report in The Rio Times calling it ‘one of the most rapid adopters of cryptocurrency in the world.’

To date, over 99 million in G$ has been claimed by users of the platform. Etoro’s Gooddollar is not the only crypto project that is attempting to create a digital form of UBI. Projects like Circles, Myubi, Basic Income Earth Network, and Zeropoverty are also experimenting with the crypto-centric basic income concept.

Do you support universal basic income? Let us know your thoughts about Gooddollar in the comments section below.