New Organization To Attract Investments In Bitcoin Promotion
An organization called The B Foundation plans to mobilize investments from benefactors to promote the Bitcoin ecosystem and Lightning Network. The team, which includes the creator of BHBnetwork Giacomo Zucco and co-founder of startup SatoshiLabs Alena Vranova, announced their project at the Baltic Honeybadger 2018 conference (September 22–23) in Riga, Latvia.
According to Giacomo Zucco, the bitcoin industry is now witnessing an inefficient waste of time, money and is losing talented developers. The team sets a goal to change the current situation.
It’s happening!— The B (@TheB_Foundation) September 23, 2018
We’re announcing “The B” with the kind support of @AlenaSatoshi @adam3us @starkness @giacomozucco @pavolrusnak @slushcz @francispouliot_ @keidunm @kanzure @lopp and more soon to be announced.. pic.twitter.com/Ahi536OGX2
In addition, The B Foundation team is going to supervise a variety of projects, which are involved in solving of bitcoin privacy issues, as well as marketing startups. The fund will support and develop solutions aimed at improving of users' experience and the usability of the cryptocurrency.
The fund executives promised to develop the bitcoin ecosystem on a voluntary basis. The B Foundation team guarantees anonymity to budget contributors, according to their preference. It is possible to donate funds in cryptocurrencies, though the organization will immediately convert them into bitcoins, Zucco mentioned.
In addition, the foundation may sponsor programs and scholarships for students interested in bitcoin in the near future.
Some users in Twitter were rather skeptical about the newly created organization as the team refused to verify its business partners in accordance with KYC requirements. This procedure reduces the risk of money laundering, bribery and other illegal operations.
By the end of this week, the US regulators are to decide on launching the bitcoin-ETF. Previously, the SEC asked the community for help.