eToro Stake $1 Million to GoodDollar Universal Basic Income Project


 eToro has added $1 million to expand GoodDollar, the community-driven, non-profit Universal Basic Income protocol. The $1 million staked to GoodDollar will result in more GoodDollas minted and distributed as digital UBI to GoodDollar's 225,000 members across the world, eToro announced Wednesday.

The GoodDollar system works by capturing the interest generated by staking donors' contributions in leading DeFi protocols such as Aave and Compound. That interest is then distributed to a global community via GoodDollar tokens.

GoodDollar is described as a reserve-backed cryptocurrency that is distributed daily to registered users as a form of UBI. The UBI model is supported by donors who deposit assets on the platform. A portion of the accrued interest via staking is returned to the donors, with the rest collateralized in the form of new $G tokens.

GoodDollar was founded in 2020 by eToro to help solve systemic inequality and create more transparency around how money is created. Originally, eToro had committed $58,000 to the protocol before upping its stake to $1 million after GoodDollar published promising results for its proof-of-concept. During the initial trial run, the protocol distributed $16,000 worth of UBI in the form of GoodDollar tokens to more than 225,000 people.

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