Square Launches $5M to Bitcoin Endowment Fund to Promote Crypto Inclusion

Square Launches $5M to Bitcoin Endowment Fund to Promote Crypto Inclusion

Share Post:

Bitcoin Endowment Fund

Giant Payment company, Square, announced yesterday its plans to grant $5million to the Black Bitcoin Billionaire group to promote more crypto inclusion and education amongst our society.

The newly created ‘Bitcoin Endowment’ fund is part of an initiative by Square to invest a total of $100 million for the promotion of diverse inclusions and easy accessibility among the minority communities.

The first recipient of the proceeds, Black Bitcoin Billionaire, is a group that claims to bring more black people into the crypto space and provide wealth sensitizations to them.

As illustrated in their memo, Square is not new to these efforts. The company is a dedicated forefront to economic empowerment.

In 2019, they made their first deposits to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) in communities all around the country. The $100 million donations announced in September is a continuation of their commitment to increasing easier and quicker access to financial services.

How Beneficiaries Get Selected

As you can imagine, getting this kind of funding is such a coveted opportunity implying a keener process in selecting the beneficiaries.

So far, a team of cross-functional Square employees is tasked to hand pick among small-owned businesses and pick a winner. The $100m allocated towards the cause has so far been distributed as follows,

  1. $25M – Black Economic Development Fund, led by LISC and Netflix
  2. $25M – CDFIs and MDIs, through deposits, equity investments, and/or CDLFs, with $14 million left to deploy
  3. $25 – the Keeper’s Fund, sponsored by the National Bankers Association
  4. $10M – Entrepreneurs of Color Fund, led by LISC
  5. $10M – international projects focused on minority and underserved communities
  6. $5M – the Square, Inc. Bitcoin Endowment grants, Square has selected Black Bitcoin Billionaire as the first recipient

Throughout all these efforts, Square wishes to proactively increase its revenue now that millions of Cash App users are embracing Bitcoin.

Notify of

1 Comment
Newest Most Voted
Inline Feedbacks
View all comments
1 year ago

Dear All,
We are family going through very bad financialy problem inwould like to request Rich people to help us out bch is 14Fq9XpbwEij63DC1y3gjatQfKc7qAfyVp

Thank you For Supporting

Recent Articles

Follow Us

Start earning Profit

We aim to provide our ParadiseMembers with as much information as we can to ensure to maximize long-term profit, no matter if we are in a bullish or bearish market. We are a large scale cryptocurrency community providing you with access to some of the most exclusive life changing cryptocurrency signals, analysis, guidance and much more Trade crypto like a pro