Coinbase-Funded Basic Income Pilot Gives New Yorkers Free Crypto

When Luis Acero was in his early 20s, he lost a few thousand dollars on cryptocurrency bets gone wrong. “I didn’t know what the hell I was doing,” he recalled.

Acero, now 25, is more focused on investing in his future as he finishes college. So when a friend told Acero about a new initiative to give young, low-income New Yorkers $12,000 over the next five months, he had his reservations. That’s because the money would be distributed in a cryptocurrency called USDC.

Acero decided the opportunity was too good to pass up, and applied for the program. Now, he’s ...