Financial services company Square has allocated $5 million in BTC as part of its Bitcoin Endowment program to educational program Black Bitcoin Billionaire, the first-ever recipient for a grant from this program.
The grant comes as part of a larger commitment to invest $100 million in minority and underserved communities, originally made in September 2020. Square announced the allocation of $25 million of this total investment yesterday and released a memo outlining more details.
“The Bitcoin Endowment, which is funded from the interest on a portion of Square’s corporate bitcoin holdings, provides funding to individuals and organizations working toward increasing bitcoin education and adoption in historically under-resourced communities across the globe,” according to a Square announcement 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 that have historically been discriminated against, bitcoin can help level the playing field and build a more inclusive future.”
“Black Bitcoin Billionaire is heading up a campaign to on-ramp our people into 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 systemically oppressed black people throughout their existence. Bitcoin helps to change the landscape for black people.”
The memo also clarified that Square earns yield 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 Bitcoin Endowment grantees on a rolling basis.