By Michael Scott
The Singapore-based crypto exchange GSR has announced plans to launch a new foundation that will provide technological solutions to socially excluded individuals. GSR, established by former Goldman Sachs management, has allocated $10M to establish the new Foundation.
A report issued by the GSR team on February 15 revealed that the Foundation aims to support non-profit organizations’ activities in developing and implementing new technologies.
GSR Launches a Philanthropic Foundation
The GSR team identified that women, Black indigenous and people of color (BIPOC), refugees and people from marginalized communities are under-represented in the technological sector. GSR revealed that emerging innovations, including crypto and blockchain technologies, could improve the quality of life of people.
However, the adoption of emerging technologies fails to actualize due to the exclusion of individuals from marginalized communities.
GSR has pledged to invest $10M to uphold inclusivity in technological development among marginalized groups. GSR will launch a foundation providing grants to non-profit startups pursuing tech opportunities.
GSR management appointed James Newell as the chief executive of the Foundation. Newell has vast experience in managing the operation of non-profit firms. In his previous role, Newell has worked as a consultant, director and chief executive of non-profit companies.
In the February 15 report, Newell revealed the relationship between traditional financial institutions and community-based projects. Newell announced that integrating the new technologies would provide solutions to the challenges faced by marginalized communities.
Additionally, Newell disclosed that the Foundation would offer grants to tech firms that provide innovative solutions to real-world problems.