Twitter founder and CEO Jack Dorsey announced that he is partnering with rapper Jay-Z on a new endowment. To fund Bitcoin development in Africa and India. The project, called ₿trust, will provide 500 BTC currently valued at $23.7 million.
“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,” Dorsey said in a tweet.
“It’ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start”. The tweet includes a link to a Google doc application form for potential board members to inquire.
The announcement comes shortly after the Indian government announced it will completely ban cryptocurrencies within its borders. Investors will be given a transition period of 3-6 months to liquidate their holdings.
As India plans to ban cryptocurrencies, the corporate world is starting to embrace it. Mastercard became the latest payment company to support digital assets.
Electric vehicle company Tesla also announced last week that it would accept Bitcoin as a form of payment for its products after buying $1.5 billion worth of the leading cryptocurrency in January.
The massive announcements have helped the Bitcoin price reach new highs. It surged to a record $48,000 earlier this week and is now trading slightly below that.
India and Africa have been identified as very large blockchain hubs, particularly when it comes to trading volume. However, these locations face unique economic challenges that could prevent any growth from happening.
The countries ultimately need specific financial support to develop the Bitcoin industry which is the purpose of this endowment.
This is not the first time that Jack Dorsey is financially investing in Bitcoin. Square, a financial company that he founded, has allowed BTC payments for years, and purchased $50 million worth of it in 2020.
Jack Dorsey was also in the news recently for setting up a Bitcoin full-node from his Macbook, meaning he now has a hand in verifying the Bitcoin blockchain.
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