Our operations (inc salaries) are funded through donations from the Sijbrandij Foundation.
The Glo Foundation is registered with the State of Delaware as a Public Benefit Corporation (full name: Glo Development Foundation, Inc). We're receiving fiscal sponsorship from Global Impact and are gearing up to apply for 501(c)(3) status.
End extreme poverty
rainy day fund
Embedding philanthropy into money
Glo Dollar is US regulated and 1:1 backed by a reserve of cash and US Treasuries. When the Glo Foundation receives revenue from the reserve, we donate it to GiveDirectly’s basic income programs that lift people out of extreme poverty.
When you swap from USD to Glo Dollars you help fund basic income programs for people in extreme poverty. You’re “donating without donating".
Eventually, we aim to lift one person out of extreme poverty for every $20,000 of Glo Dollar market cap. With enough adoption, we'll be able to help millions of people escape extreme poverty.
As with other stablecoins, the reserves backing Glo Dollar will earn interest at sufficient scale.
The difference; we aim to give our portion of that interest away to reduce extreme poverty.