The Filecoin Foundation donated $10 million FIL tokens to the Internet Archive which is responsible for the Wayback Machine as we can see more in our latest cryptocurrency news today.
The Filecoin Foundation which is an independent organization orbiting the FIL cryptocurrency donated about $10 million to Internet Archive which is a nonprofit that preserves e-books, old website caches, TV, and other forms of digital stuff. It’s the single largest outside donation in nonprofit history as per the press materials that we have today. It’s a little like Ubuweb as an online archive that is founded by the poet Kenneth Goldsmith but it is increasingly more ambitious.
The Internet Archive was using the storage network behind Filecoin for the Filecoin Archives initiative which preserves pieces of the internet history via the decentralized nodes. In the meantime, the price of Filecoin’s token increased over the past week thanks to a large part of the demand from China as it is now among the top ten cryptocurrency by market cap. Marta Belcher who is a lawyer at Ropes & Gray as well as the chair of Filecoin’s foundation board:
“The Filecoin Foundation and the Internet Archive have missions that are extremely aligned—to preserve humanity’s most important information. I am so excited that the Filecoin Foundation can support the incredible work that the Internet Archive is doing to advance the decentralized web.”
Also as reported, Filecoin managed to make major gains and it increased by 27% in one week, hitting an ATH of $115. And now the product will hold 16,000 outstanding shares which will be worth 0.99 FIL per share. Another announcement was made which impacted Filecoin positively and its price consolidated with Chainlink. The cooperation will allow Filecoin’s integration with the LINK oracles service to form a bi-directional connection. This way, smart contract developers will have a full Web 3.0 infrastructure stack with blockchains for on-chain logic and state changes while LINK oracles for off-chain communication and computation, Filecoin for data solutions, and decentralized storage.
With an annualized fee of 2.5% and $1.3 million in assets under management, the investment company Grayscale announced the filecoin-based trust, The partnerships on the Filecoin platform gave it momentum to defy the downtrend negatively and affected the BTC price. Filecoin is up by 50% and now the investors’ confidence is also rising, with more pressure from Grayscale continuing to push the FIL token prices to new highs.