Twitter and Square CEO Jack Dorsey has announced a partnership with well-known rapper and entrepreneur Jay-Z to start a bitcoin endowment focusing on developing the cryptocurrency in India and Africa.
The bitcoin endowment, called “₿trust” has received an initial investment of 500 bitcoin, worth $23.96 million at press time, and is set to initially focus on “teams in Africa & India.” Dorsey did not offer additional details on it, but revealed it’s looking for board members
The trust, according to Business Insider, has the mission to “make bitcoin the internet’s currency,” and in the application process asks potential board members for simples details such as email, name or nym, and proof of work. The latter is seemingly the most important, as the form informs candidates they’ll be judged “entirely on what’s shared here.”
Dorsey, it’s worth noting, is a well-known bitcoin supporter whose company Square has been allowing users to buy, sell, and hold bitcoin since 2018, and has invested $50 million into the flagship cryptocurrency to buy 4,709 BTC. The firm’s investment is now worth over $225 million.
Square also has a grant program that’s used to fund bitcoin developers and other professionals working on the flagship cryptocurrency’s technology and design. Several other companies in the space have similar programs. Dorsey has in the past said bitcoin’s whitepaper is “poetry” and explained he is a huge believer in bitcoin.
The Twitter CEO and Jay-Z have reportedly often circled around each other’s business interests, with Square reportedly at one point showing interest in buying the rapper’s music-streaming service Tidal.
Featured image via Pixabay.