Correction: When first published, this story incorrectly indicated that Black Bitcoin Billionaire would receive all $ 5 million of the bitcoin endowment. It appears that the organization is actually receiving an undisclosed portion of the foundation.

Financial services company Square has allocated $ 5 million in BTC to its Bitcoin Endowment program and has selected the Black Bitcoin Billionaire educational program as the first recipient of a grant from the program.

The grant comes under a larger commitment to invest $ 100 million in minority and underserved communities originally made in September 2020. Square yesterday announced the $ 25 million allocation of this total investment and released a memo with further details.

“The Bitcoin Endowment, funded from the interest of a portion of Square’s corporate Bitcoin holdings, provides funding to individuals and organizations working to improve the education and adoption of Bitcoin in historically underserved communities around the world “, It said in a message from Square with Bitcoin magazine. “From those with no credit history who cannot open bank accounts, to people who live in places with limited access to banks, to populations who have suffered discrimination in the past, Bitcoin can help improve the playing field and create a more inclusive future to build up. “

Black Bitcoin Billionaire focuses on encouraging black people to take Bitcoin on board through educational efforts and dialogue. It was founded last year by Bitcoin advocates Lamar Wilson and Isaiah Jackson.

“Black Bitcoin Billionaire is running a campaign to get our people excited about Bitcoin and to encourage the accumulation of Bitcoin as an alternative to the traditional financial system,” the website explains. “These systems have historically and systemically oppressed black people throughout their existence. Bitcoin is helping to change the landscape for blacks. “

The memo also clarified that Square is generating income from its corporate Bitcoin holdings totaling more than 8,000 BTC through an income-generating loan to Genesis.

The announcement added that a “cross-functional team of Square employees” will review future applications and future Bitcoin Endowment Fellows will be awarded on an ongoing basis.