Monero Project officially announces that its General Funds received 1,711 XMR worth of $500,000 from an anonymous donor on Sunday.
Monero (XMR) is a privacy digital currency released in 2017. Monero’s unique privacy features and transactions attract the users. The team posted a tweet on June 6, regarding the anonymous donation to their general funds.
We’re delighted to share that our General Fund has received a donation of 1711 XMR (approximately $500k)!— Monero || #xmr (@monero) June 6, 2021
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Moreover, Monero contributor binaryFate comments,
“The transaction was not a change output from one of the fund’s own transactions, but rather a transaction that came from an outside source.”
Donation of 1,711 XMR
Monero happily shares that this is the first time the general fund is receiving the largest contribution ever. Besides Monero maintains a report on its general funds including the usages and all transaction details. Monero General Fund Transparency report clearly explains all the funding details of every year due today.
Furthermore, Monero transparent reports shares, the general fund received 1020 XMR ($277,000) as a recent donation, last month. Also, it has received only smaller amounts as funds, many times less than 1 XMR. But for the first time Monero funds received a larger contribution of 1,711 XMR ($500,000) since release.
Monero’s General Funding System
The idea behind the Monero funding system is to support the development of the network. Its privacy features, validated transactions attract more crypto users. The collected funds used to pay compensation for Monero’s core assistant Diego “Rehrar” Salazar. He can support the team with emergency payments for the network growth.
Earlier Monero provided the payment address for both XMR and BTC for all donations. However, by last year, the core team announced to convert all BTC funds to XMR. Monero contributor, binaryFate added, the upcoming transparency report reveals the usage of the donations.