Twitter CEO Jack Dorsey and rapper Jay-Z have announced a new Bitcoin fund that will focus on the cryptocurrency’s development in India and Africa.
The fund dubbed “₿trust” will be bootstrapped with 500 bitcoin valued at $24 million with a mission to make bitcoin the internet’s currency.
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
The new initiative arrives at a time as Dorsey’s payment company Square has long accepted the digital currency.
There will be an initial focus on Africa and India and that the project is looking for three board members. Dorsey and Jay-Z won’t give any direction to the fund.