Rapper Jay-Z & tech mogul Jack Dorsey are launching a roughly $24 million fund to help develop bitcoin.
The Brooklyn-born artist & the Twitter CEO are putting 500 bitcoin into an endowment called “₿trust,” Dorsey announced Friday.
The fund’s mission is to make bitcoin “the internet’s currency” & it will initially focus on aiding efforts to develop the cryptocurrency in India & Africa, according to Dorsey.
It will be set up as a blind irrevocable trust that will take “zero direction” from Dorsey & Jay-Z, who was born Shawn Carter, Dorsey said in a tweet.
Dorsey put out an open call for three board members to help oversee the trust. Anyone interested in applying just has to fill out a Google form with their name, email address & “proof of work.”
Dorsey is a longtime bitcoin fan. His Twitter bio simply reads “#Bitcoin” & his digital payments firm, Square, bought $50 million of the cryptocurrency last year. Twitter finance chief Ned Segal said this week that the social media giant might follow suit.
The trust is the latest chapter in Dorsey & Jay-Z’s budding relationship. A report emerged in December that Square was interested in acquiring Tidal, the struggling music streaming service that Jay-Z bought in 2015.
The duo was also spotted lounging on a yacht with Jay-Z’s wife Beyoncé in August & hanging out on a beach with actor Sean Penn in November.
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
#jackdorsey #twitter #ceo #tech #philanthropist #jayz #shawncarter #rocnation #beyonce #cryptocurrency #bitcoin #africa #india #btrust #development #businessman #business #digitalcurrency #electroniccurrency #digitalmoney #tidal #endowment #fund #mogul #entrepreneur #billionaire #billionaireboysclub #rich #wealthy #investment #businessportfolio
Source: New York Post
Follow Me
}
Comments