The Grantcoin Foundation, a legally incorporated nonprofit organization, has decided to stop selling reserves of Grantcoin on exchanges and will instead pursue grant funding from philanthropists and charitable foundations to fund our activities.
We will also begin seeking donations from people who wish to use Grantcoin as a convenient way to make micro-donations to charities through Twitter using our Twitter wallet app. Donors will be able receive a pre-loaded USB card with software, Grantcoin currency, instructions and tech support, and Grantcoin branded merchandise as thank-you gifts for their contribution to the Grantcoin Foundation. All Grantcoin that is given to donors will be purchased in advance by the Foundation on exchanges, rather than by distributing new Grantcoin into circulation.
The Grantcoin Foundation has also begun reaching out and establishing relationships with charities and nonprofits that are interested to use Grantcoin as a way to raise money on social media. Over the next few weeks, we will start making announcements about some of these relationships, and a new website will be launched to provide buzz for charities that accept Grantcoin.
“Exciting times are ahead for Grantcoin,” said Eric Stetson, Executive Director of the Grantcoin Foundation. “Our team has been doing a lot of work under the radar to get ready for a new phase in the development of this project, which we believe will propel Grantcoin to become one of the most widely used digital currencies.”