With a launch time of just three weeks, the Bitcoin Water trust has been donated a generous amount of Bitcoin worth $1.3 Million, giving significance to the trust.
Water is a charity that focuses on providing clean water to areas where there is a lack of sufficient water cleaning services. According to the information on their website, nearly 785 Million people globally are living without having access to clean drinking water. Water has been working to deal with many partners and contributors to deal with this water crisis since back in 2006. Water has managed to raise around $550Million in charity donations from around the world, also working on the development of clean water projects that will hope to serve around 13 Million people get clean and safe drinking water worldwide.
The Bitcoin-based Trust
Water revealed the development of its Bitcoin trust this year during the Bitcoin conference, which was held in Miami. With the implementation of its ‘HODL MODL’ strategy, the Bitcoin Water trust attracted many contributors, also because that Water stated that the charity is non-profit and that the generous Bitcoin donations contributed to the charity will not be touched till 2025.
Accepting Bitcoin donations since 2014, the Bitcoin water trust is in high hopes of gaining huge profits that will definitely help out in the funding of new projects. At the time of writing, the trust has managed to gather up around 32.598 BTC, worth nearly $1.3Million in value.
Water and Gemini
Crypto exchange Gemini is currently holding Bitcoin gathered by the Trust. Executives from Gemini have said that the ‘HODL MODL’ strategy used by the Water trust creates new opportunities for the people to participate in charity and that the Bitcoin donated today could have a huge impact on the future of trust and for the people who are being facilitated. Founders at Gemini, Tyler and Cameron Winklevoss stated that they are excited to partner up with the Bitcoin Water trust, and the use of Bitcoin will definitely boost their efforts on providing keys resources and funds for clean water projects.
Charity funds have become very popular in the crypto scene. Co-founder of Ethereum, Vitalik Buterin as participated in the donation of SHIB tokens worth Billions in value that were sent to him by the creators of SHIB. This shows that charities have definitely become a part of the crypto world and are positively received, given that they are legit.