Wednesday, March 3, 2021
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Jack Dorsey, Jay-Z Put 500 Bitcoin into Africa and India Supporting Trust

On Friday, Jack Dorsey revealed that he would partner with rapper Jay-Z and donate 500 bitcoin to create a new endowment trust in Africa and India to support the development of Bitcoin.

Jay Z and Twitter CEO Jack Dorsey state the two are setting up a development fund for bitcoin.

 On Friday, Dorsey tweeted the news, writing that they are taking applications centered on Africa and India for a “blind irrevocable trust” He guarantees that the fund will have “zero direction” from himself and Jay Z and that three board members have been pursued by the partners. Dorsey and Jay Z are invested in the project with 500 bitcoin, currently worth around $23 million.

 Bitcoin is in Dorsey’s portfolio already. In October 2020, his other company, Square, bought 4,709 Bitcoins, equivalent to $50 million at the time. The business extended its Cash App mobile payment program in 2018 to support the exchanging of bitcoin, also for users without a bank account. And it released Square Crypto in 2019, which awards grants to developers and designers of bitcoin.

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