Square CEO Jack Dorsey Creates a New $5M Bitcoin Fund

Twitter and Square CEO Jack Dorsey

Payment giant Square, which is also the CEO of Twitter CEO Jack Dorsey, has established a new Bitcoin fund.

Through this $5 million fund, the company will support individuals and organizations working on financial education and access to Bitcoin in historically under-resourced communities around the world. The amount in the fund was created from interest income from the company’s Bitcoin holdings.

The new Bitcoin fund comes as part of Square’s $100 million investment initiative launched to promote financial inclusion and increase access to cryptocurrencies and other technologies among minority communities.

Square Thinks Bitcoin Is For Everyone 

Square spoke about Bitcoin in its press release on the subject:

“Bitcoin can help provide equal opportunity and build a more inclusive future for historically discriminated communities, from those with no credit history and unable to open a bank account, to people living in places with limited access to banks.”

Square gave the first grant within the Bitcoin fund to the Black Bitcoin Billionaire organization, which aims to educate blacks about Bitcoin and encourage Bitcoin hoarding as an alternative to traditional financial systems.

The company had previously allocated $25 million to the Black Economic Development fund and $10 million to the Colored Entrepreneurs fund.

Square CEO Jack Dorsey Talked About Bitcoin Fund Recently

Jack Dorsey, CEO of payments platform Square, recently announced that he wants to produce a Bitcoin hardware wallet. Stating that he dreams of a wallet that is suitable for mobile phones, quickly and where everyone can easily access their funds, Dorsey said, “We dream of an application that can work without Square, perhaps without the permissions of Apple and Google. What about you?” said.

https://www.finlogic.net/news/elon-musk-rocked-the-market-again-with-his-tweet-especially-bitcoin/Dorsey, who wrote a long series of tweets on the subject on Twitter, used the following statements:

“Bitcoin is for everyone. It is very important for us to offer a solution created without hiding to the global market… We would like to thank and pay our respects to everyone who has helped us get here. So what are the barriers to bringing a solution to the next 100 million people that they won’t bother with hiding?

SEE ALSO; Big Announcement from El Salvador President Bukele in Bitcoin 2021

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *