OpenSats, a non-profit organization, has received a generous donation of $21 million from Jack Dorsey, the co-founder of Twitter, as part of his #startsmall campaign. This significant investment showcases Dorsey’s strong support for Bitcoin and decentralized social media, affirming his belief that Bitcoin is the dominant form of internet currency.
OpenSats has stated that this funding will have a positive impact on all aspects of their development and operations. The General Fund will receive $15 million, the Nostr Fund will receive $5 million, and $1 million will be allocated to operational budgets.
These funds will benefit both current and future projects within the Bitcoin ecosystem and the wider technology movement that promotes freedom. One of these projects, Nostr, has experienced a surge in popularity after accepting Bitcoin payments from programmers, attracting 16 million users, with half a million using the platform daily.
In addition to the generous donation, OpenSats has also appointed new committee and board members. Fiatjaf and NVK, a Nostr user, will join a panel responsible for evaluating upcoming initiatives. NVK and another user named Gigi have been elected to the board of directors.
The overarching goal of these plans is to make it easier for individuals to utilize free and open-source software without compromising their rights and freedoms. OpenSats emphasizes the importance of this infrastructure in preventing the rise of “digital totalitarianism.”
OpenSats has a history of supporting various ideas and initiatives that aim to expand the Bitcoin ecosystem and other open-source projects. They have previously funded 21 teams, including BTCPay Server, a self-hosted payment processor, and the Bitcoin Policy Institute.
In other news, a recent report suggests that pension funds are increasingly showing interest in investing in cryptocurrencies, indicating a growing traction in the crypto market among institutional investors.