Advertise Twitter CEO (Jack Dorsey) Jack Dorsey, rapper, (Jay-Z) Jay-Z, on the collaboration to create a new Bitcoin fund, focused on developing the adoption of cryptocurrency initially in Africa and India.
The duo are investing 500 Bitcoins, currently valued at about $ 24 million, in the project, according to Dorsey, with the goal of making Bitcoin the internet currency.
The money is going towards trust₿, a grant to fund Bitcoin development, and trust₿ is currently looking for three board members, with an application form indicating that its mission is to make Bitcoin the internet currency.
The CEO said: The development is initially focused on teams in Africa and India, but he and (Jay-Z) plan for the plans to be without any particular direction.
Cryptocurrencies have grown increasingly large across the African continent as they make cross-border transactions cheaper, and in some cases to resist government control.
Nigeria is said to be second only to the United States in terms of the amount of Bitcoin in circulation in the country in the past five years.
Dorsey has been a longtime supporter of Bitcoin, and Square, a payment processing company, has supported Bitcoin since 2014 as a form of payment.
Square also announced that it bought $ 50 million in Bitcoin last year as an investment in cryptocurrency.
In addition, Twitter said it was looking into using the currency to pay the salaries of its employees and suppliers.
As a decentralized digital currency, Bitcoin is not linked to the central bank of any country and can be exchanged directly between users without the need for a third party to facilitate the transaction, and multiple exchanges can be used to convert Bitcoin into traditional currencies.
The new Bitcoin Fund created by (Jay-Z) and (Jack Dorsey) comes as the government of India moves to ban Bitcoin and other cryptocurrencies while the central bank is developing its own digital currency.
Bitcoin has recently gained new supporters from companies, and the trust₿ is the second major investment in Bitcoin announced this week, as last week Tesla spent $ 1.5 billion buying the digital currency, boosting its value.
The luxury electric car maker has also announced that it will start accepting cryptocurrency as payment for its electric cars.
Mastercard announced earlier this month that it supports a number of select cryptocurrencies across its network starting in 2021.
JAY-Z /@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin , 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