MADRID -- The popular Internet encyclopedia service Wikipedia has been awarded Spain's Princess of Asturias award for international co-operation.

In a statement Wednesday, the award foundation praised the "democratic, open and participative" method Wikipedia uses to make universal knowledge available to people throughout the world.

Founded by American entrepreneur Jimmy Wales in 2001, Wikipedia is a free-access digital encyclopedia written in a variety of languages by volunteers around the world. Its articles can be edited by registered users.

The foundation said Wikipedia was among the 10 most visited sites on the Internet.

The 50,000-euro ($54,300) award is one of eight Asturias prizes handed out yearly by a foundation named for Crown Princess Leonor. Other categories include the arts, sport and scientific research.