Jack Dorsey, CEO of Twitter and Square, teamed up with rapper and entrepreneur Jaz-Z to form a new Bitcoin fund, focused on developing the cryptocurrency’s adoption initially in Africa and India.
The duo are investing 500 Bitcoin, currently worth about $24 million, in the project, according to Dorsey, with the mission of making Bitcoin “the internet’s currency.”
Dorsey sent a tweet on Friday that read: “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.”. The exec has previously said he supports Bitcoin “as a long-term path towards greater financial access for all.”
Dorsey said ₿trust will be established as a blind irrevocable trust, “taking zero direction from us.” Jay-Z and Dorsey are seeking three board members to oversee the fund and provided a form for those to apply online.
Dorsey is a longtime proponent of Bitcoin. Dorsey’s payments-processing company Square has supported Bitcoin for more than three years. Twitter has said has been considering using the currency to pay its employees and suppliers.
Elon Musk’s boosted bitcoin’s value by buying 1.5 B in coins, and the company announced that it would begin accepting the cryptocurrency as payment for its electric vehicles. Mastercard announced that it would begin supporting “select cryptocurrencies” on its network starting in 2021.
As a decentralized digital currency, Bitcoin is not tied to any country’s central bank and can be exchanged directly between users (without the need for a third party to facilitate the transaction); multiple exchanges can be used to convert Bitcoin into conventional currencies.