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.
- 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 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.
Featured images courtesy of Forbes, Rap-Up