Square launched $5M bitcoin fund in order to boost crypto inclusion and to promote crypto education that is funded by the interest from the corporate treasury of the company as we can see more in our crypto news.
The first recipient is Black Bitcoin Billionaire which promotes crypto education and crypto use as the fund is backed by interest Square earned on the BTC holdings at Genesis. Square launched $5M Bitcoin fund as announced recently and said it will be giving grants from the newly created bitcoin Endowment and that it selected Black Bitcoin Billionaire which is a group that aims to bring Black people into crypto and to provide wealth education. This marks a new initiative by Square to invest a total of 0 million to promote financial inclusion and to also improve the access to crypto and other technologies among minorities.
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The initiative includes a $25 million contribution to the Netflix-led Black Economic Development fund.
When @bigmarh inducts you to the @BlkBTCBillions club at the #blackbitcoinbillionaires community at the Roots Collective Black House event in #Miami sponsored by @CashApp during #Bitcoinconference2021 #stacksats not gold chains 😜 Thx Big Mar #weoutchea pic.twitter.com/BoorINkR4n
— Fancyfied (@Fancyfied) June 8, 2021
As Square explained, the new endowment is funded by the interest it earns on the invested Bitcoin which the company initially added to its corporate treasury and invested with Genesis. In an announcement Square noted:
“From those with no credit history who cannot open bank accounts, to people living in places with limited access to banks, to populations that have historically been discriminated against, bitcoin can help level the playing field and build a more inclusive future.”
According to one spokesperson, the company will distribute the fund on a rolling basis each quarter over the next few years but it didn’t disclose the size of the award to the initiative which has yet to announce the award on the website. For Square, the Bitcoin endowment reflected on the current push into the bitcoin and crypto space, and back in Miami, the CEO Jack Dorsey disclosed that the company could build a Bitcoin hardware wallet that will come as a great move for millions of Cash App users that dabble in Bitcoin and eventually will boost the company’s revenue.
Square purchased $240 million worth of BTC to add to its corporate treasury which helped to fund projects like its BTC endowment.
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