Payments company giant Square, has allocated the final $25 million of its $100 million investment in minority and underserved communities. This is yet another example of a crypto cause, and this time it’s one that aims to empower and give agency to people.
Of the remaining $25 million, $5 million has been portioned off to create The Bitcoin Endowment, a new fund that aims to increase and improve Bitcoin education and adoption; the fruits of which will help antidote fear, uncertainty and doubt (FUD).
The first grant recipient of The Bitcoin Endowment is Black Bitcoin Billionaire, an organisation focussed on equipping Black communities with education on Bitcoin and building wealth. A further $10 million was sent to the Entrepreneurs of Color Fund, which helps further business diversity, while the remaining $10 million went to international organisations that support underserved communities.
Square’s CEO Jack Dorsey, has been on a roll lately, and further hinted this week that he’s aiming to bring the power of crypto to his other business, Twitter, by integrating with it the Bitcoin layer 2 payments Lightning Network. The Lightning Network is a second layer on the Bitcoin blockchain, which enables cheaper and faster transactions.
While it’s unclear what this integration with Twitter could mean, the most likely possibility is the use of micropayments.