An unidentified philanthropic, “Pine”, designed a website and the applications started to be collected from non-profit institutions. The target was to donate 5057 BTC, which equaled to about $86 million when bitcoin worth around $17,539. Currently, the secret philanthropist announced that they were able to make donations that worth 5104 BTC (about $55 million) to 60 different charities.
Pineapple Fund Helped 60 Charities
The funding focused on delicate and sensitive topics such as global health services and water projects to support women’s advancement in technology and so on. The fund raising took 5 months and included 10000 applications. The benefactor explained to The Guardian that although there were main rules for choosing charities, they were mostly improvised.
For instance, one of the three charities that receive $5 million donations is Multidisciplinary Association for Psychedelic Studies (MAPS). This is an educational charity that focuses on Marijuana’s and psychedelics’ benefits. The second one is GiveDirectly, which is an electronic money transfer technology that sends money to the people who need it. And the third is Open Medicine Foundation (OMF), a healthcare organization that targets chronic complex diseases.
In addition, Pine had given a $50,000 to the Snowlovers organization, which aims to educate people about the effects of climate conditions on snow and winter.
He also donated $1.25 million to a charity named Pencils of Promise, which aims to establish educational institutions in Ghana, Guatemala and Laos. The website also donated $2 million to the New Story institution, which aims to find homeless families and make homes for them.
The last donation was made to the Internet Archives, which serves as an e-library that provides films, books and software without requiring any fees. BTC operations show that a total of 2 million bitcoin donations have been made in stages in December 2017 and February, March and May of 2018. Anyone who has these coins can become very rich over a night. For this reason, Pine pointed out to people that it is important to support what they believe in.
He presented his thanks to the crypto community and said even though recent developments within bitcoin have improved the bitcoin infrastructure in financial systems, he still prefers the times when bitcoin community was a small one. The founder also noted that these funding activities may appear again in the future.