Eugene tech company pledges $2M in bitcoin for youth home

St. Vincent de Paul in Lane County among groups involved

Bitcoin (Public Domain Photos/kai Stachowiak)
Bitcoin (Public Domain Photos/kai Stachowiak)

EUGENE, Ore. (AP) – A tech company in Eugene has pledged to donate $2 million to construct a facility for homeless teenagers in western Oregon, but the gift will be made in bitcoin.

What is bitcoin?

The Register-Guard reports the company CBT Nuggets plans to cover the full costs of building a 20-room facility to house teenage boys through the independent digital currency.

St. Vincent de Paul Society of Lane County is among the coalition of organizations working on the housing project.

Organization officials say the bitcoin gift is a first. Under an agreement with the tech company, the organization will receive the bitcoins after it chooses a site and provides a plan for the facility.

Company officials declined to answer questions on why the donation is being made in bitcoin.