Global safe drinking water nonprofit, charity:water, announced the launch of its first crypto-native Bitcoin Water Trust initiative. The trust will allow charity: water to receive and “hodl” bitcoin donations to fund global water projects until 2025. In line with the values of the donors, the trust’s funds will be held in bitcoin and the intended execution of the water projects it funds and constructs will be conducted in bitcoin.
Since the organisation received its first bitcoin donation from Tony Hawk in 2014, the price of that seminal cryptocurrency has exploded, increasing by more than 100 times. After learning more about bitcoin, watching its price ascend and, even more, becoming captivated by the vast untapped potential of the blockchain technology that powers it, charity: water opened up the Bitcoin Water Trust Initiative in hopes of sparking a paradigm shift in the charitable sector adopting this digital asset.
“We believe in the generosity of this community, and the potential of bitcoin and blockchain as a force for good in the world. We’ve been encouraged by the overwhelming support we have seen already for the Bitcoin Trust Initiative,” said Scott Harrison, Founder and CEO at charity: water. “By establishing this trust, we aim to harness the transformational power of this generational digital technology to make a lasting social impact, and in the process to provide a potential model for other charities who are working to do the same.”
charity: water has been on a mission to bring clean drinking water to people in developing nations for 14 years and donates 100% of public donations to this effort. All staff and overhead costs are covered by a group of 125 donors, and it has raised over $550million and funded clean water projects for more than 12.7 million people across 29 countries. It seeks to utilise this new trust to scale its impact exponentially, with the end goal of providing clean water to every person on the planet.
Professional skateboarder, Tony Hawk, said “I’ve proudly supported the mission of charity: water for almost a decade, and travelled with them to Ethiopia to see their work first-hand. I’m honoured to support the Bitcoin Water Trust, and I believe bitcoin has serious potential for charitable growth. I’m eager to see the fund thriving by 2025, helping millions more get clean water.”
The Bitcoin Water Trust has opened up the trust for 100 visionary individuals to give at least 1 BTC each in order to reach its goal of 100 or more bitcoin. The first 50 BTC in donations will be matched by Tyler and Cameron Winklevoss of Gemini.
Source: The Fintech Times
Image credit: Charity: Water
Check out our blog here.