Twitter CEO Jack Dorsey and Jay Z launched a Bitcoin development fund. Twitter and Square CEO Jack Dorsey goes into a new collaboration with rapper Jay Z to fund Bitcoin development that started in Africa and India.
Dorsey and Jay Z invested 23.6 million worth of funds to fund Bitcoin development. Dorsey shared that he created a donation to fund Bitcoin development in Africa and India, in a statement today on Twitter.
Jack Dorsey announces his development fund on Twitter
The two put 500 Bitcoins worth $ 23.6 million in the donation campaign called Btrust. Moreover, Dorsey added that the fund will be established as a blind trust that cannot be reversed, adding that the duo will not give any direction to the team.
Additionally, Btrust is looking to recruit three board members. At the same time, the job application filed explains that the mission of the fund is “to make Bitcoin the currency of the internet”.
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
Dorsey did not give much information about the fund system he announced with his sharing, except for the recruitment of three board members.
At a time when India was giving its investors time to dispose of cryptocurrency assets and would ban cryptocurrencies completely after the transition period, Jack Dorsey’s making such a move was regarded odd by his followers.