The Grantcoin Foundation, a U.S.-based non-profit organization has announced that it has distributed Basic Income grants of Grantcoin digital currency to over 250 recipients across 17 countries.

The official release said that 255 self-selected applicants in at least 17 countries including United States, Canada, the United Kingdom, Australia, New Zealand, Germany, France, Belgium, Denmark, and Switzerland among others received the first quarterly distribution of Grantcoin Basic Income.

“The Grantcoin Foundation is proud to show a way for the people of the world to create an equitable, sustainable monetary system based on fair global issuance of the money supply,” Grantcoin founder and Executive Director Eric Stetson said.

During the first quarterly distribution of Grantcoin through Basic Income grants and referral bonuses, a total of 5,255,129.132815 GRT were distributed. The value of Grantcoin equals $ 0.000241 at the time of writing, according to coinmarketcap.com.

“We believe Grantcoin is doing something historic and of world-changing importance. We want to thank everyone who signed up to be part of it — you’re helping put Grantcoin on the radar screen of the Basic Income movement and the broader movement for financial system reform,” Stetson added.

Grantcoin is a new currency that’s distributed into circulation as a Universal Basic Income. It aims to systematically reduce poverty and inequality by equitably growing the money supply.