Bill and Melinda Gates Foundation Grants $100 000 for African Bitcoin Initiative


Bill and Melinda Gates Foundation Grants $100 000 for African Bitcoin Initiative

A news which can boost the confidence of several other Bitcoin initiatives in African continent, the Bill and Melinda Gates Foundation initiative Financial Services for the Poor has come forward and granted $100 000 for African Bitcoin initiative. The block chain technology company located in Ghana and Kenya, Bitsoko, received the amount from the organization.

According to their official announcement Bitsoko which appears to be a Bitcoin wallet and merchant services provider for the African market, aims to play pivotal role in helping out those who are still out from the banking services. The company claims that utilizing Bitcoin in places where currencies have seen extreme inflation is not the worst idea.

It has come to notice that the award is being funded through the Grand Challenges Exploration, an initiative of the Foundation. This year the foundation is focusing on financial services for the poor for which it invited submissions from various companies and asked them how they can provide services that can be inclusive and help poor.

Looks like Bitsoko rose above all the others in that it was providing next-level technology to a market that has no reason not to jump directly into it. The company that claims to provide free, simple & secure to receive Bitcoin services and helping customers and clients store and spend their money with ease, is playing pivotal role in Africa towards financial inclusion.

Bill Gates’ Stand on Bitcoin is Different Though

Though the charity organization from Bill Gates and his wife is granting $100 000 for African Bitcoin initiative, the official stand is not so pro-digital currency. Earlier this year Software magnate Bill Gates spoke on Bitcoin in his third ‘Ask Me Anything’ (AMA) session on social sharing platform Reddit and said:

“Bitcoin is an exciting new technology. For our Foundation work we are doing digital currency to help the poor get banking services. We don’t use Bitcoin specifically for two reasons. One is that the poor shouldn’t have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn’t work.”

He had also said that though overall financial transactions will get cheaper using Bitcoin, he showed his concern that there is also a huge risk that terrorists may use it.

To contact the reporter of this story: Deepak Tiwari at