Twitter CEO Jack Dorsey Along With JayZ Launches 500 BTC Fund For Developers in India and Africa

Jack Dorsey, the Twitter CEO along with popular musician JayZ has launched a 500 bitcoin trust focusing on bitcoin developers from India and Africa. The announcement comes at a crucial time especially for Indian developers as the government in the country is reportedly planning a crypto ban.

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

Jack Dorsey’s tweet also cleared that the bitcoin trust would be independent and would be lead by a three-member team for which they are currently looking for a lead. The trust is reportedly blind irrevocable trust independent of any influence from the founders.

Dorsey is a known Bitcoin proponent and his crypto venture Square inc. has already become quite popular for spending bitcoin. The announcement also comes on a day when the likes of BNY custody bank and Mastercard announced crypto integration, while the likes of Twitter and Uber disclosed they are planning to use Bitcoin as a form of payment as well as for paying an employee salary.

This story is being updated

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