The Kenya National Fire Brigades Association (KENFIBA) has announced that it has adopted a Bitcoin reserve.
The announcement was made at the 3rd annual Africa Bitcoin Conference on December 11, according to Cointelegraph.
Supported by Proof of Workforce, the reserve is designed to strengthen recruitment initiatives and improve emergency response capabilities.
According to Afro Bitcoin organization, this development positions KENFIBA as the first workers’ organization in the country to include BTC in its financial reserves and potentially the first labor union in Africa to establish a BTC reserve.
KENFIBA adopts a Bitcoin Reserve
“KENFIBA, The Kenya National Fire Brigades Association, adds Bitcoin onto their balance sheet, becoming the first labor union in Kenya to hold Bitcoin! Potentially, the first labor union on the continent to hold Bitcoin,” the statement read.
The organization further stated that, through the use of donated Bitcoin and the globally proven “get off zero” initiative, KENFIBA’s CEO, Bernard Omwono, Secretary General, Francis Omolo, and Proof of Workforce successfully implemented this initiative, placing Bitcoin under the custody of the KENFIBA Association.
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Following the historical step, the KENFIBA leadership will have access to visionary Bitcoin builders in Kenya in providing the union and its members with tools, education, and resources.
Additionally, the Proof of Workforce Board of Directors and its resources will remain available to KENFIBA in their Bitcoin journey.
Proof of Workforce advisor, Magdalena Gronowska, highlighted the importance of the partnership, stating that it would enable KENFIBA to improve its recruitment process, member enrollment, and emergency response capabilities.
About Bitcoin Reserve
She also mentioned that discussions had taken place between the two organizations on how workers could benefit from holding BTC.
Bitcoin reserves refer to the accumulation of Bitcoin by various entities including private companies, governments, and individuals as a strategic asset.
They serve as a hedge against inflation due to Bitcoin’s fixed supply, potentially diversifying national reserves beyond traditional assets like gold.
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Bitcoin in national reserves aims at economic sovereignty and could influence global trade by reducing reliance on fiat (a national currency that is not pegged to the price of a commodity such as gold or silver) currencies.
Corporate treasuries use Bitcoin for portfolio diversification and value preservation.
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