Kraken, a Bitcoin trading company, announced their $150k grant to Black Bitcoin Billionaire. The company donated this grant at the beginning of the summer season.
The co-founder of BBB, Lamar Wilson, said that their company is passionate about educating and supporting the black community in Bitcoin.
Additionally, he spoke about their excitement to work with Kraken. He also stated that their partnership would allow investment in technology necessary to develop creative ideas into products and services.
Focusing on the marginalised communities, Kraken says the Black Bitcoin Billionaire group will use these funds at their pleasure. The grant will help the founders of BBB launch a triple series of Tech Demo Days.
The first demo day is on October 20 this year.
What are BBB Tech Demo Days?
During Black Bitcoin Billionaire Tech Demo Days, competitors from Black Tech Companies pitch ideas and stand a chance to get funding.
Accompanied by a panel of professional investors, the founders Isaiah Jackson and Lamar Wilson host these events. Each company gets seven minutes to put out their ideas, and the winner walks away with twenty thousand paid in BTC.
Members of the Black Bitcoin Billionaire group are also allowed to participate in these competitions by voting or pitching ideas. Tech Demo Days aim to fund black technology companies and highlight the freedom of Bitcoin.
The CEO of Kraken stated that the legacy financial system is failing because of the number of unbanked black households. Additionally, he revealed that this has a significant effect on the minority population.
Bitcoin, however, according to Powell, offers a financial system that can help solve the problem, but education remains a challenge.
Other than being a bank, Kraken also doubles up as a Crypto exchange. Founded in 2011, this US-based company is owned by Payward, Inc.
The Kraken platform allows users to purchase, sell and exchange Bitcoin and seventy other tokens.
Recently, the company revealed its expansion plan stating that negotiations are ongoing about getting licensed in a European Union Country.
Coinbase, Kraken’s biggest rival, won a licence for Crypto trading from BaFin, a German financial services regulator. Kraken’s efforts to win approval from BaFin failed due to the high cost and restrictions.
Kraken is considering taking the traditional IPO route. A different one from Coinbase’s Direct listing.
About BBB Group
On their website, BBB says that sourcing Generational riches from all angles is their aim and self-sovereignty is their mission.
Additionally, they invite people to share in the discussion on how Bitcoin and Blockchain technology can bring freedom and empower the community.
BBB is one of the largest Crypto groups on Clubhouse. In addition, the group also claims it is the voice of the community.
How will Kraken Grant Help?
In summary, Kraken’s grant will help the Black Bitcoin Billionaire group achieve its target, which includes;
- Creating generational riches
- Bitcoin Freedom
- Empowerment of the black tech Community
- Promoting inclusion and diversity
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