Jay-Z and Twitter's Jack Dorsey Set Up 500 BTC Trust for Bitcoin Developers in Africa and India
In another bit of bullish news over the past few days, the CEO of one of the world’s largest social media platforms – Twitter’s Jack Dorsey, and renowned artist Jay-Z, have set up a 500 BTC trust to fund Bitcoin development with a primary initial focus on Africa and India.
Shawn Corey Carter, better known for his stage name Jay-Z, arguably one of the greatest rappers and a billionaire investor, has teamed up with Twitter’s CEO, Jack Dorsey, on a Bitcoin trust initiative.
The two offer 500 BTC, currently worth around $23.6 million, to fund Bitcoin development with an initial focus on teams based in Africa and India.
The initiative will be set up as a blind “irrevocable trust, taking zero direction from us.” At the time of this writing, Dorsey and Jay-Z are looking for 3 board members, to begin with.
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
Jack Dorsey, besides being a vocal proponent of the primary cryptocurrency and publicly disclosing that he owns some, has also been a well-known advocate, investing millions in different initiatives.
For instance, the other company that he is the CEO of, Square, has set up a non-profit organization to fight cryptocurrency patent trolls.
Square also invested $10 million to promote the adoption of green energy in the Bitcoin mining industry.
The latest collaboration between Dorsey and Jay-Z comes as an attempt to further improve the cryptocurrency environment in areas where access to traditional banking services is somewhat harder.