Developers behind Grin, a scalable, privacy-focused cryptocurrency launched in January 2019, have reportedly received a considerable windfall in the form of an anonymous 50 BTC donation worth around $300,000.
News of the anonymous donation was revealed during a weekly Grin developer meeting. “A really big and heartfelt thanks,” Grin developer Daniel Lehnberg said regarding the sizable windfall. “We’ll ensure [we] put that to good use.”
Grin entered the crypto market with what it called a “fair launch”, meaning those behind the project did not raise funds via common tactics such as an initial coin offering (ICO) or a private token sale.
Crowdfunding approach works well for Grin
The coin instead came to market on the power of voluntary donations and crowdfunding, and this big donation could indicate that Grin’s funding model is actually working.
A recently released financial report shows that Grin funding increased almost doubled within the past four months, growing from $65,237.35 to $123,423.73.
The recent 50 BTC donation means that the project now has roughly six times the amount of funds it had when it launched the Grin coin at the beginning of the year.
Grin plans to use the assets it has accumulated to fund additional key infrastructure projects, hardware design, marketing, and more.