Former Coinbase CTO Balaji Srinivasan has urged the cryptocurrency industry to develop more tools for refugees and stateless people. In a post on X, Srinivasan argued decentralized networks can provide financial infrastructure where traditional systems fail. This call follows analyst commentary noting crypto’s potential for this demographic is often overlooked in favor of more profitable applications.
Tech investor and former Coinbase chief technology officer Balaji Srinivasan has called on the crypto industry to develop more financial tools for refugees and stateless people. He made the appeal in a post on X.
Srinivasan said the number of displaced individuals could grow as global conflicts intensify and economic migration increases. He cited examples ranging from Ukrainians fleeing war to workers leaving Gulf countries amid regional tensions.
“We should build more crypto tools for refugees and stateless people,” Srinivasan wrote. He suggested blockchain-based systems can provide financial infrastructure when traditional institutions fail or become inaccessible.
He described crypto as “wartime mode for the internet,” arguing decentralized networks were designed to operate under hostile conditions. Srinivasan stated public blockchains can continue processing transactions even if centralized systems face disruptions.
His comments responded to a separate post from Andi Duro, founder of research site TwoCents. Duro argued crypto is a great solution for refugees but the industry rarely builds products specifically for them.
“It’s very unfortunate that crypto is a great solution for refugees who are stateless and forced to interact with crumbling institutions and payment rails,” Duro wrote. He added, “But nobody in crypto builds for refugees because they’re not useful consumers for gambling.”
However, Srinivasan noted crypto has had some success in building such tools. He pointed to the growing role of stablecoins, which he said are gaining global reach as a borderless form of digital money.
Srinivasan added, “But we can do more.” The market capitalization of the USDC stablecoin is nearing a record $80 billion as supply surges in recent weeks. One Dubai-based analyst linked the spike to capital flight from the United Arab Emirates amid real estate market turbulence.
