Anonymous fund plans to invest and donate $75M in bitcoin to startups working on enhancing privacy
November 14, 2019, 8:41AM EST
1 min read
The Unknown Fund, organized by a group of anonymous people, plans to invest and donate $75 million in bitcoin (BTC) to those startups working directly or indirectly on enhancing privacy.
Announcing the news on Wednesday, the Unknown Fund said it would prefer startups working on four niches - personal data protection, tools for online anonymity, cryptocurrencies and blockchain.
The protection of personal data is one of the main challenges for modern man, according to the fund. Giving examples of data manipulation, the group said how social media impacted Brexit campaigns and presidential elections in the U.S., among others.
“The main goal of large corporations is to collect as much information as possible about the personal lives of people, and then use it for their enrichment. And they do a great job of it by making ordinary people get poorer. We are ready to fight for change and protect people," an anonymous organizer(s) commented.
Organizers of the fund are from different countries and met on 4chan, an anonymous English-language imageboard site, per the announcement. The fund plans to invest the amount in commercial startups while making donations to nonprofit organizations.
The fund’s website does not offer much information, except for a quote from Edward Snowden, which says “It is not data that is being exploited, it is people that are being exploited,” and an email address, where startups can apply to get an investment or a donation.
“Investing is just the beginning. Anonymous have developed a number of strategies and methods that will be announced later,” the fund said, concluding: “We will continue to fight as much as necessary to achieve our goal.”
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.