Financial payments firm Square Inc. has announced that it would distribute $5 million in grants to a newly created fund aimed at encouraging financial inclusion for historically under-resourced communities.
Black Bitcoin Billionaire Group Selected As First Recipient
The newly created fund dubbed the Bitcoin Endowment Fund would be focused on building wealth and increasing Bitcoin education.
Square has selected the Black Bitcoin Billionaire group to be the first recipient to get a grant from the Bitcoin Endowment Fund. The Black Bitcoin Billionaire is an organization aimed at educating the Black community on Bitcoin.
The newly created fund would be funded with the interest Square earns on the Bitcoin in its corporate treasury, the company said in a memo.
The Bitcoin Endowment Fund is part of a program Square launched to invest $100 million in promoting financial inclusion.
The initiative is also focused on improving access to crypto and other technologies among minority communities.
As part of the program, $25 million would be contributed to the Netflix-led Black Economic Development Fund while $10 million would be given to the Entrepreneurs of Color Fund group.
Another $10 million would go to international organizations focused on supporting minority groups globally.
The Entrepreneurs of Color fund is managed by Local Initiatives Support Corporation (LISC), a non-profit focused on giving minority small business owners capital. It also provides support such as coaching, operational guidance, and training.
President of LISC Fund Management George Ashton noted that the tech firm's support would help minority business owners struggling with their businesses.
This latest move from Square comes only days after it revealed that it is considering a Bitcoin hardware wallet that would give consumers greater control over their own cryptocurrency.
This comes as no surprise considering the fact that Bitcoin transactions have been a major source of revenue for Square. Through its CashApp, customers store Bitcoin and make purchases.
Square's Constant Support For Bitcoin And Crypto
The Bitcoin Endowment Fund is part of Square's ongoing push into Bitcoin and cryptocurrency.
The company recently invested $5 million to build an open-source, solar-powered bitcoin mining facility at one of the US sites of Blockchain technology firm, Blockstream.
Square also teamed up with Blockstream as part of its Bitcoin Clean Energy Initiative.
The CEO and founder of Square, Jack Dorsey, has been known to improve educational opportunities around Bitcoin alongside its adoption.
In February, Dorsey announced a partnership with rapper Jay-Z to donate 500 BTC to an endowment trust in Africa and India.
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10 June 2021 13:44, UTC