Jack Dorsey Donates $1 Million to Crypto Policy Think Tank Coin Center

Jafrin  |  Feb 11, 2021

Twitter's founder and CEO Jack Dorsey has donated $1 million to the cryptocurrency policy think tank Coin Center, per a tweet announcement from the organization's director Jerry Brito. The donation came personally through Dorsey as opposed to officially from Square or Twitter. Dorsey’s contribution comes in latest amid Grayscale’s matching donation of $1 million made to the think tank late last month with an additional $1 million gift.

Coin Center Serially Receives Grants and Donations

The donations are coming from crypto companies intending to support the Washington-based crypto policy think tank. For instance, in late December 2020, Coin Center saw large crowdsourced donations on Gitcoin and other gifts from crypto companies worth thousands of dollars made to the think tank.

Earlier a few weeks ago, Grayscale too announced on donating $1 million to the advocacy group and pledged an additional $1 million. A few days later, Kraken crypto exchange also announced handing out $100,000 to the crypto think tank.

Recently, Coin Center led the crypto community to charge against the outgoing Trump administration's proposed wallet regulations. The campaign led the now-former Treasury Secretary Steve Mnuchin to extend the comment period of the proposed regulation for industry leaders to provide their feedback. The proposal now carries the usual 60-day comment period as opposed to the initial period of 15 days.

Dorsey Has Long-Held Interest in Cryptocurrencies

Dorsey has long held an interest in bitcoin and other cryptocurrencies. In the past years, he also spoke about bitcoin as a potential currency for the internet. He is also behind the mobile payments app Square that lets users buy and sell Bitcoin. Square is also one of the largest corporate holders of BTC, holding 4,709 units of the cryptocurrency worth $210 million.

Square’s dedicated cryptocurrency arm has invested a significant amount from its own treasury, handing out grants to Bitcoin developers in the industry. The firm recently invested $10 million toward its Bitcoin Clean Energy Investment Initiative that looks towards reducing Bitcoin’s large carbon footprint.

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