Privacy-focused cryptocurrency project, Monero announced that its General Fund has received an anonymous donation of 1,711 XMR worth around $500,000, to support the network’s development.
The firm announced the development in a tweet yesterday after some users of the popular micro-blogging site Twitter tried to verify whether the rumor about the donation was true.
We’re delighted to share that our General Fund has received a donation of 1711 XMR (approximately $500k)!
— Monero || #xmr (@monero) June 6, 2021
Largest Single XMR Donation
The contribution is the largest single donation the fund has received since it was set up.
According to the Monero General Fund transparency report, which covered transaction details for the fund, between 2019 and June 2020, the team noted that donations it has received so far usually come in small amounts, “many times less than 1 XMR.”
Although there are a few larger donations, it has never been reported that the fund received a single donation of up to 1,000 XMR.
The transparency report explained in detail how donations were spent within the period, a move that was applauded given the privacy around the project. However, since the report was published, Monero has not released any further details about how donations were disbursed.
Monero’s General Fund
The General Fund is one of the ways Monero enthusiasts can support the improvement of the Monero network.
According to the firm, donations made to the General Fund are used to pay the salary of Monero’s core assistant Diego “Rehrar” Salazar and to make emergency payments that may be required for the growth of the network.
Unlike most cryptocurrency projects, the Monero General Fund receives payments both in the network’s native currency XMR and largest cryptocurrency by market capitalization bitcoin (BTC).
Despite using two payment options, donors have preferred to make their donations in XMR, mostly because of the coin’s focus on privacy and to boost its value. Interestingly, the Monero team noted in a report last year that its core team has also chosen to convert all BTC donations to XMR.
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