Kraken announced on the 6th of October that it would be granting a substantial amount of 150,000 dollars in Bitcoin to the cryptocurrency organization Black Bitcoin Billionaire. This organization is notable for increasing the heterogeneity in the world of crypto.
To ensure that digital and crypto commodities gain wider acceptability worldwide, the company has invested in Black Bitcoin Billionaire. According to Kraken exchange review, crypto diversity corporations will utilize the capital judiciously to sponsor crypto organizations headed by people from minority communities and minority crypto entrepreneurs to promote inclusivity.
In the initial phase, the funding will be pooled to sponsor the “Tech Demo Days” series, which will be hosted by the two co-creators of Black Bitcoin Billionaire, Lamar Wilson and Isaiah Jackson. The series will bring on board budding crypto administrators, who will pitch their ideas and compete for the sponsorship of their projects.
The series will run for three days, starting from 20th October, Wednesday. Within this period, the competitors will present their ideas and seek approval.
The motivation for this new and humanitarian initiative came from the devastating impact of COVID-19 on Black families. Jesse Powell, the Chief Executive Officer of Kraken, gave the startling information that in 2020, almost thirteen percent of black homeowners lost the ability to retain a bank account, leading them to seek alternative services which were far more expensive. Such dire situation shows that the conventional legally authorized financial system is not equipped to handle large-scale crises. Hence, the need for Bitcoin, which can salvage the impoverished and other minorities from this condition. Almost 7.1 billion of the world’s population have found a solution for their financial crises in Bitcoin. It is assumed that the only obstacle that hinders the mass adoption of this cryptocurrency is a lack of awareness about it.