Twitter CEO Jack Dorsey announced that he will partner with rapper and producer Sean Corey Carter, aka Jay-Z, to donate 500 BTC (~ $ 23.6 million) to a funding fund for Bitcoin developers.
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
The ₿trust Foundation will primarily target professionals from Africa and India.
“It will be set up as a blind irrevocable trust, taking no direction from us. We need three board members to get started, ”said Dorsey.
He attached the application form to the tweet. In the comments to it, it was suggested that the CEO of Binance should join the board.
“Thank you for the nomination, but I am not the best candidate, as I am being dragged in different directions and there is too little time. Happy to make a donation as soon as the trust is launched, ”replied Changpeng Zhao.
Thanks for the nomination, but I am not a good candidate as I am dragged in a lot of different directions, too little time. Happy to make a donation once this is up and running though. Good luck @jack. Awesome work!
– CZ Binance (@cz_binance) February 12, 2021
In describing the mission of managing the fund, Jack Dorsey views bitcoin as the currency of the internet. Previously, he repeatedly named digital gold as the best candidate for this role.
The cryptocurrency arm of Dorsey-founded and led by Dorsey, Square has repeatedly funded the developers of the first cryptocurrency. In 2019 and 2020, Square Crypto allocated grants to develop the second layer of Bitcoin’s Lightning Network.
Last November, the firm financially supported Bitcoin wallet designer Maggie Valentine.
The day before, Jack Dorsey donated $ 1 million to the organization for the promotion and protection of the interests of the cryptocurrency industry Coin Center, following the example of Grayscale Investments.
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