HomeNewsOpenSats Gains $21 Million Donation from Jack Dorsey for Bitcoin

OpenSats Gains $21 Million Donation from Jack Dorsey for Bitcoin

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  • OpenSats is enhancing its structure, focusing on free and open-source software, aiming to prevent “digital totalitarianism” through strategic initiatives.
  • OpenSats has supported 21 teams, distributing nearly $10 million in grants, and aims to further Bitcoin and open-source projects, including legal defenses.

Jack Dorsey, one of the founders of Twitter, has contributed $21 million to OpenSats, a non-profit organization that promotes Bitcoin and decentralized social media platforms such as Nostr. This donation reflects Dorsey’s view that Bitcoin should be the internet’s default currency.

OpenSats has stated that the funds will be allocated to various projects. The donation includes $15 million for the General Fund, $5 million for The Nostr Fund, and $1 million for operational budgets. This financial support will benefit ongoing and new initiatives, particularly those aimed at promoting freedom-enabling technology. 

We agree, and are honored and humbled to receive such a generous donation. We will do our best to continually allocate the funds to high-impact projects and freedom tech infrastructure. As of this writing, OpenSats has allocated close to $10,000,000 in grants, supporting over 100 grantees, many of whom for the long term.

The funds will aid in the development of Bitcoin and related projects, fostering technical improvements, new features, and broader adoption. A portion of the funds will support Nostr, a decentralized social media platform integrating Bitcoin payments, emphasizing Bitcoin as the internet’s native currency.

Additionally, part of the donation is intended to provide legal protection for Bitcoin developers, aligning with the increased regulatory scrutiny. This support may encourage more developers to contribute without fear of legal consequences.

OpenSats has brought new members into its committee and board, strengthening its framework to assess and support upcoming projects. These initiatives are designed to create a platform for open-source software that prioritizes user rights and freedoms. OpenSats emphasized the necessity of this infrastructure to avoid “digital totalitarianism.”

The organization has a history of supporting proposals that align with its mission to grow Bitcoin and other open-source projects. It has previously supported 21 teams, including the Bitcoin Policy Institute and BTCPay Server, a self-hosted payment processor. OpenSats has already distributed nearly $10 million in grants to over 100 grantees.

Dorsey’s donation also aims to support legal defense funds for Bitcoin developers facing legal challenges due to their work. This aligns with Dorsey’s ongoing support for Bitcoin and its developers.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628