Financial services company Square has committed $5 million in BTC as part of its Bitcoin Endowment Program to the Black Bitcoin Billionaire Education Program, the first-ever recipient of a grant from that program.
The grant comes as part of a larger commitment to invest $100 million in minority and underserved communities, which was originally introduced in September 2020. Square announced $25 million of this total investment yesterday and was released note With more details specified.
“The Bitcoin Endowment, which is funded by interest on a portion of Square’s corporate Bitcoin holdings, provides funding to individuals and organizations working to increase Bitcoin education and adoption in historically under-resourced communities around the world,” according to a Square announcement that was shared. With Bitcoin Magazine. “From those without a credit history and unable to open bank accounts, to people who live 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.”
“Black Bitcoin Billionaire is leading a campaign to increase our number of people to Bitcoin and to encourage the accumulation of Bitcoin as an alternative to the traditional financial system,” His website explains. These regimes, both historically and systematically, have oppressed blacks throughout their existence. Bitcoin is helping to change the landscape for blacks.”
The memo also explained that Square is earning revenue on its bitcoin holdings. which total more than 8000 bitcoins, through an interest-earning loan to Genesis.
The announcement added that a “cross-functional team of Square employees” will review future applications and award future Bitcoin Endowment recipients on a rolling basis.