Financial payments company Square Inc. announced that it will be distributing $ 5 million in grants to a recently created foundation to promote financial inclusion in historically underfunded communities.
Black Bitcoin Billionaire Group Selected First Beneficiary
The newly created fund, dubbed the Bitcoin Endowment Fund, is said to be focused on enhancing the wealth and education of Bitcoin.
Square has selected the Black Bitcoin Billionaire group as the first recipient to receive a grant from the Bitcoin Endowment Fund. The Black Bitcoin Billionaire is an organization that aims to educate the black community about bitcoin.
The newly created fund will be funded by the interest Square earns from bitcoin in its corporate treasury, the company said.
The Bitcoin Endowment Fund is part of a program launched by Square to invest $ 100 million to promote financial inclusion.
The initiative also aims to improve access to cryptography and other technologies among minorities.
As part of the program, $ 25 million will go to the Black Economic Development Fund, which is run by Netflix, and $ 10 million will go to the Entrepreneurs of Color Fund.
An additional $ 10 million will go to international minority support organizations around the world.
Entrepreneurs of Color is managed by the Local Initiatives Support Corporation (LISC), a non-profit organization dedicated to providing capital to minority small business owners. He also provides support such as mentoring, operational guidance and training.
LISC Fund Management Chairman George Ashton said the tech firm’s support would help minority business owners who are struggling with their businesses.
This latest move from Square comes just days after it was announced that it is considering a Bitcoin hardware wallet that will give consumers more control over their own cryptocurrency.
This is not surprising given that Bitcoin transactions have been Square’s main source of income. Through his CashApp, customers store bitcoins and make purchases.
Square’s ongoing support for bitcoin and cryptocurrencies
The bitcoin endowment fund is part of Square’s ongoing push towards bitcoin and cryptocurrency.
The company recently invested $ 5 million to build a solar-powered open-source bitcoin mining venture on one of the sites of the US-based Blockchain technology company, Blockstream.
Square is also partnering with Blockstream on its Bitcoin Clean Energy initiative.
Square CEO and founder Jack Dorsey is known to improve educational opportunities in the Bitcoin field along with its adoption.
In February, Dorsey announced a partnership with rapper Jay-Z to donate 500 BTC to charities in Africa and India.
Jimmy has been following the development of blockchain for several years and is optimistic about its potential for democratizing the financial system. When not immersed in the daily events of the crypto scene, he can be found watching legal replays or trying to beat his best score in Scrabble.