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Correction: When first published, this story incorrectly stated that Black Bitcoin Billionaire would receive the $ 5 million Bitcoin endowment. It appears that the organization is in fact receiving an undisclosed proportion of the endowment.
Financial services company Square has allocated $ 5 million in BTC to its Bitcoin endowment program and selected the Black Bitcoin Billionaire educational program as the program’s first grant recipient.
The allocation is part of a larger commitment to invest $ 100 million in minority and underserved communities, initially made in September 2020. Square yesterday announced the allocation of $ 25 million of this total investment and released a note describing more details.
The Bitcoin Endowment, which is funded by the interest of a portion of Square’s bitcoin holdings, provides funding to individuals and organizations working to increase bitcoin education and adoption in historically underfunded communities. across the world, ”according to a Square ad shared with Bitcoin Magazine. “From those with no credit history who cannot open bank accounts, to people living in places with limited access to banks, to populations historically discriminated against, bitcoin can help level the playing field. and build a more inclusive future. “
Black Bitcoin Billionaire aims to encourage black people to integrate Bitcoin through educational and dialogue efforts. It was founded last year by Bitcoin advocates Lamar Wilson and Isaiah Jackson.
“Black Bitcoin Billionaire is leading a campaign to bring our people to Bitcoin and to encourage the accumulation of bitcoin as an alternative to the traditional financial system,” as its website explains. “These systems have historically and systematically oppressed black people throughout their existence. Bitcoin is helping to change the landscape for black people.
The note also clarified that Square is earning a return on its corporate bitcoin holdings, which total more than 8,000 BTC, through a yield-generating loan to Genesis.
The announcement added that a “cross-functional team of Square employees” will review future applications and award future recipients of the Bitcoin endowment on an ongoing basis.
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