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Pineapple Fund Donates Bitcoin worth $5 million as Seed Capital

Jan 01, 2018 Posted /  3966 Views

Pineapple Fund Donates Bitcoin worth $5 million as Seed Capital

As Bitcoin is gaining huge popularity among every kind of enterprises and ventures there are more calls for research on online peer-to-peer financing and the potentials of scaling up for finance models that eliminate the conventional mediators. We need to remember here that such models can help in making a profit  which can reach the communities directly by reducing the usual transaction costs.  One such sector, which can take help from the potentials of Bitcoin and other cryptocurrencies, is the global humanitarian financing.

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A new venture called Pineapple Fund, has taken up on the humanitarian financing and is educating the Bitcoin community about the best way to utilize the digital currency. The chief administrators of the Fund say that they have recognized that most commendable thing anyone can indulge in using their wealth to offer a helping hand to those less fortunate.

Seed capital for the poor

Pine is basically an unidentified bitcoin whale behind Pineapple Fund, which is a $86 million enterprise. Recently it announced that the Fund would donate $5 million in Bitcoin to the organization called Give Directly, to encourage its “seed capital for the poor” project. Interestingly, the digital currency will assist in sponsoring direct cash transfers to people inhibiting in intense destitution and poverty conditions in countries like Kenya, Uganda, and Rwanda.

The charity, which is being encouraged by Google and others, is acknowledged for its meticulous methodical approaches by discovering the most thought-provoking mechanisms for allocating donations.  Moreover, the Charity also brags about a 91% efficiency rate, a towering benchmark in a space full of diverse organizations that dissipate more money on management and fundraising events.

The Pineapple Fund, which has given financial help to six charities, previously has only opened its Bitcoin donation to the public later this month. The other benefactors from the Fund include Watsi ($1Mn), The Water Project ($1Mn), the Electronic Frontier Foundation ($1Mn), the Bitgive Foundation ($500K), MAPS psychedelic studies ($1Mn), and the Open BSD Foundation ($500K).

Universal Basic Income (UBI)

Apart from facilitating the definite family groups, which will be supported by these cash transfers, the project by Pineapple Fund will also test the effectiveness of universal basic income (UBI). In Contrast to social welfare and conventional charity proposals, one of the fundamental beliefs of UBI is that it is not bound to particular necessities and demands from the beneficiaries. The scheme is essentially fabricated to avert people from being reduced to poverty level where they are not able to improve their economic conditions.

Furthermore, UBI is labelled as one of the buzzed-about economic topics in the last year and is hyped as a probable solution to technological unemployment removing the fear that once robots will take over all the jobs they can support themselves. The charity and the project are running in countries such as Kenya, where the regular Give Directly recipient exists on mere 65 cents per day. In fact, the organization can test the UBI model with unpretentious costs sooner than it is actually implemented in more costly states of the globe.

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Tags: Donates Bitcoin bitcoin Pineapple Fund

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