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Monero Receives Anonymous 1711 XMR Donation Worth $500K

Monero Receives Anonymous 1711 XMR Donation Worth $500K Altcoin News
  • The Monero team has received a $500,000 donation from an unknown donor.
  • Monero will use the $500K donations to support its network development.
  • Monero will publish a transparency report this month.

Privacy-focused crypto project Monero has announced that its General Fund has received a donation of 1711 XMR from an unnamed donor. Roughly, the 1711 XMR received is worth around $500,000.

Moreover, Monero intends to use the $500,000 to support its network development project. Also, Monero plans to use part of the $500K to pay for web services, hosting, and tools such as ARM buildbots. 

Talking about the donation, Monero contributor BinaryFate expressed that the donor’s transaction naturally came from an outsource. Continuously, BinaryFate said that Monero will publish a transparency report this month.

BinaryFate said,

This is indeed a donation! Hats off to the donor. No BS talk or reputation farming, just direct anonymous action.

Also, according to Monero’s transparency June report, the company had about 2108.12 XMR last year. Approximately, the 2108.12 XMR is worth $599,800. In addition, the said amount of funds comes with a Bitcoin address of over 0.09 BTC ($3,200).

Furthermore, the Monero General Fund again received 1020 XMR worth a $277,000 donation last month. Looking at Monero’s previous donation, many believe that the current $500K donation will push the size of the Monero General Fund overwhelmingly.

The Monero team also stressed that they are ready to welcome any interested person’s contribution.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.