Jimmy Wales, the founder of Wikipedia, has revealed that the non-profit organization he has established is not interested in an ICO. Wales also stated that the organization is not at all interested in launching its own cryptocurrency.
Wikipedia Not Interested In An ICO
Initial Coin Offerings (ICOs) have become a popular way for startups and non-profit organizations to gain capital. These coins allow investors to get on board with a new cryptocurrency early on. At the same time, the ICO provides the founders of the cryptocurrency a chance to obtain adequate capital to help drive their project forward and reach their business goals more quickly.
Earlier this week, the founder of the popular website Wikipedia has mentioned that they had ZERO interest in holding any type of ICO in the future. It was also mentioned that Wikipedia would not even be considering the launch of its own cryptocurrency. Jimmy made it quite clear that they are not interested in such endeavors at the moment, and that they will not become interested in this industry at all in the future.
Jimmy was asked why he decided to speak at a blockchain event in Berlin when his organization had no interest in this technology. He replied by addressing the fact that he was paid for giving a speech.
Donations Accepted In Bitcoin
Even though Jimmy has now made it clear that his non-profit organization is not interested in the cryptocurrency world, the organization is still accepting donations made in Bitcoin.
Bitcoin was the very first cryptocurrency to be released back in 2009. Since then, this coin has remained at the top, and has not been surpassed by any “altcoin.”
Wikipedia first started to accept such donations in the year 2014. Jimmy did address the fact that they were skeptical and “cautious” about accepting donations from people who wish to donate using cryptocurrencies. Just one week after the platform started to accept Bitcoin donations, however, they managed to raise a total of $140,000 worth of Bitcoin from people who have made donations.
These donations were accepted after Wikipedia partnered up with Coinbase, now one of the world’s largest cryptocurrency exchanges.
Paving The Way For Cryptocurrencies Among Non-Profits
The fast response from cryptocurrency enthusiasts made this the very first example to prove how these digital “coins” can be used as a way for non-profit organizations to raise funds.
While only a few non-profit organizations have implemented technologies that would allow them to accept donations in the form of cryptocurrency, there are many advantages that should be taken into consideration. Cryptocurrencies offer a better level of security and transparency when compared to more traditional donation channels, for example.
Some examples of non-profit projects that have started to implement the technologies needed to accept donations in digital “coins” include:
- The Water Project
- Internet Archive
- Humanity Road
- Free Software Foundation
- Tor Project
- The Electronic Frontier Foundation
- Code to Inspire
- United Way
- Red Cross
- Save the Children
Most of these projects and organizations accept Bitcoin, with a few also accepting some altcoins. Bitcoin Cash and Ethereum are currently the most popular altcoins accepted by these projects.
As the cryptocurrency industry continues to grow, more businesses are showing an interest. A recent interview with the founder of Wikipedia, however, has proven that this non-profit organization is not interested in an ICO or their own digital currency. Cryptocurrency remains as a source of Wikipedia’s donations, nevertheless, and other non-profit organizations are also starting to take advantage of the many benefits presented not only by the cryptocurrency world but also by those who are enthusiastic about these coins.