Twitter’s CEO Jack Dorsey announced that he is joining forces with Jay-z (Shawn Carter) to fund Bitcoin for the development of cryptocurrency in India and Africa. The endowment is being funded with an initial investment of 500 bitcoin, worth roughly $23.6 million.
Dorsey announced on Twitter saying, “it will be set as a blind irrevocable trust, taking zero direction from the US”. Jack Dorsey also indicated that this funding will initially focus on teams that are active in Africa & India.
Furthermore, Twitter CEO revealed that the master mission of this fund is to make bitcoin the internet currency and this was pinned to the board application form. He did not provide any additional details on how the fund will work and what it is looking for in its board members. Dorsey went on to say that he would require three new board members for the new project. He also shared a link to Google form for potential board members.
In the same line, Bitcoin spiked as of last week Friday, trading above $ 48,000. It has climbed about 24 % in the last week, this was actually the work of Elon Musk ( CEO of SpaceX, the current richest man on the planet), he posted a cryptic reference to Lord of the Rings, Dogecoin and bitcoin.
In Addition, Dorsey and Jay-Z have reportedly circled around each other business interests, including reports in December that Square( it helps millions of sellers run their business from secure credit card processing to point of sale solutions) was interested in buying Jay-Z’s music-streaming service, Tidal. They were also spotted walking together in the Hamptons( a string of seaside communities known as a summer destination for affluent New York City residents)