Jay-Z, Twitter’s Jack Dorsey Establish $24 Million Fund to Develop Bitcoin
Rapper-entrepreneur Jay-Z and Jack Dorsey, CEO of Twitter and Square, teamed up 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.”
“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 tweeted late Thursday. 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.
Dorsey has been a longtime proponent of Bitcoin. Square, his payments-processing company, has supported Bitcoin for more than three years. In addition, Twitter has said it’s looking at using the currency to pay its employees and suppliers.
The new Bitcoin fund set up by Jay-Z and Dorsey comes as India’s government is moving to ban Bitcoin and other private cryptocurrencies while its central bank is developing its own digital currency.
Bitcoin has recently gained new corporate supporters: Last week, Elon Musk’s Telsa acquired $1.5 billion in Bitcoin, boosting its value, and the company announced that it would accept the cryptocurrency as payment for its electric vehicles. And this week Mastercard announced that it would begin supporting “select cryptocurrencies” on its network starting in 2021.
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