How a new foundation is funding tech for good — without the bureaucracy

The GSR Foundation is a relative newcomer in the development funding landscape, but it is aiming to carve out an identity that sets it apart. Backed by GSR — a global crypto trading firm — the foundation has positioned itself at the intersection of frontier technology and social impact, emphasizing unrestricted funding, lean processes, and a willingness to learn in public. Speaking at a recent Devex Pro Funding event, Executive Director James Newell offered an early look at the foundation’s evolving focus areas and shared candid reflections on how it aims to support its partners. A crypto-native donor — with a social mission GSR, the parent firm, operates like a behind-the-scenes trading desk for the crypto world — providing stability and liquidity to institutional clients. With over a decade in the sector, the firm has weathered the volatility of the market and maintained a long-term philanthropic commitment. The GSR Foundation was launched in 2023 with an initial $10 million pledge to mark the company’s 10-year anniversary. But the idea of building a more meaningful and structured giving approach had been forming well before that, in part due to the company’s interest in addressing barriers to participation in the crypto and tech economy — especially among underrepresented groups. Unrestricted funding and a relationship-first model At the heart of GSR Foundation’s approach is a belief in trust-based funding — grants that are unrestricted, lightly administered, and grounded in open dialogue rather than formal compliance structures. The foundation takes a broad approach to eligibility, backing a wide range of social purpose organizations. Rather than organizing its giving by geography or sector, the foundation has developed three flexible funding tracks. Empower grants provide larger, multiyear support for partners working on crypto-related innovation. Two have been awarded so far: $250,000 each to UNICEF and Mercy Corps Ventures. Enable grants typically begin with a smaller one-off contribution of $30,000, intended to build a relationship and assess how an organization operates before potentially expanding support to $60,000 and $75,000 over time. Emergency funding is reserved for rapid-response needs and is currently channeled through ShelterBox, their standing partner for crisis situations. All grants are unrestricted, and many have gone toward operational costs, particularly staff salaries — a need that partners often find difficult to cover through more traditional funders. According to Newell, one of the foundation’s key takeaways so far has been just how essential this kind of flexible support can be for enabling experimentation and resilience. In its first year, the foundation received a $2.5 million budget but chose to hold $1 million in reserve to protect against future cash flow risks. That year, it deployed $1.5 million. In 2024, the full $2.5 million was put to use. For 2025, GSR has increased its commitment to $3 million, which the foundation plans to fully deploy — with virtually no overhead beyond 50% of Newell’s time. The rest of the administrative costs are covered directly by GSR. Strategy in progress — shared with Devex first During the conversation, Newell offered a first look at how the foundation’s strategy is evolving. While not yet finalized or publicly published, a new framework is taking shape that will guide future partnerships. The approach focuses on three interconnected areas: the use of blockchain technologies for social good, efforts to expand internet access in underserved communities, and support for digital learning platforms that can reach marginalized users, such as Arabic-speaking women. The foundation sees these as ways for funding innovation that improves access and inclusion, particularly where traditional models have fallen short. The idea is to support both early-stage pilots and organizations looking to scale, as long as the work aligns with these broad themes. More formal guidance, including an updated grantmaking playbook, is expected in the months ahead. In the meantime, Newell emphasized that the foundation remains open to engagement — particularly from organizations working at the edges of tech, finance, and development, where experimentation and adaptability are key. His message to the community: “Now’s the time to figure out how to do things better and smarter — and use new technology and think about merging.” Learning in the open That spirit of iteration also extends to how the foundation engages with partners — emphasizing openness over rigid reporting. Instead of traditional monitoring and evaluation, the foundation maintains a narrative relationship with its partners and encourages open dialogue — especially when projects face challenges. Reporting is minimal, and learning is the goal. To foster peer exchange, the foundation has launched a private collaboration platform for grantees. The tool allows partners to ask questions, share frustrations, and even host joint calls. According to Newell, this has already led to early examples of collaboration — and over time, the plan is to make grant reporting and insights openly accessible, contributing to a shared knowledge base on what works (and what doesn’t) when funding innovation in complex environments. “Doing good is not easy. It's ludicrously complex, and things change,” said Newell. “Often we're the first people our partners will come back to have conversations about where things have gone badly ... the kind of thing perhaps you don't typically tell funders, or you find a way to spin it in such a way that it perhaps doesn't look as negative as it is. But we deeply encourage that dialogue, because we want to learn.” How to engage While most partners are identified through GSR Foundation’s own research, targeted cold outreach is welcome. Emails and LinkedIn messages are reviewed personally by Newell, and brief, well-aligned introductions are encouraged. A public version of the foundation’s updated strategy will be released in the coming months. Until then, prospective partners are invited to connect and stay in touch — especially if their work sits at the intersection of technology, inclusion, and systems-level change. The foundation brings a low-ego, collaborative approach — willing to support or step aside, depending on what’s most useful. Want more briefings like this? Let us know — and stay tuned for upcoming live conversations here.