Twitter CEO Jack Dorsey on Friday announced that he and rapper Jay-Z were teaming up to create a fund devoted to making bitcoin digital money “the internet’s currency.”
Dorsey, who is also the founder and chief of financial services and mobile payments firm Square, in a tweet said that he and Jay-Z are giving 500 ($24 million) bitcoin to fund an independent endowment called “Btrust.” (blind and irrevocable” trust).
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
“It will be set up as a blind irrevocable trust, taking zero direction from us,” Dorsey said, adding that the fund would initially focus on bitcoin development teams in Africa and India.
Jack says three board members are being sought, adding a link to an online application that stated the mission is to “make bitcoin the internet’s currency”.