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Jack Dorsey and Jay Z Set Aside 500 BTC To Fund Bitcoin Development

In brief:

Twitter CEO, Jack Dorsey and Jay Z have set aside 500 BTC to fund Bitcoin developmentThe funds will be in an endowment trust named ₿trustThe fund’s focus will be on development teams in Africa and IndiaDorsey and Jay Z will provide ‘zero direction’ and will need 3 additional board membersTwitter could soon add Bitcoin to its balance sheet

The CEO of Twitter, Jack Dorsey, has just announced that he and Jay Z have set aside 500 BTC to fund Bitcoin development. The funds with a current approximate value of $24 million, will be in an endowment trust aptly named ₿trust. Furthermore, the trust will be geared towards funding Bitcoin development teams in Africa and India.

Mr. Dorsey also explained that the trust will be ‘a blind irrevocable trust’ whereby neither he nor Jay Z, will provide input as to its direction. The trust currently needs three additional board members.

Jack Dorsey made the announcement of the Bitcoin trust via the following tweet that also includes a link for an application to become a board member of ₿trust.

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

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