Twitter CEO Jack Dorsey is revealing that he’s teaming up with rapper Jay-Z to start an initiative that aims to fund Bitcoin developers in two of the world’s most populated regions.
In a new tweet, the Twitter co-founder announces that he and Jay-Z are donating 500 Bitcoin to an endowment that will operate as a trust to finance Bitcoin development in Africa and India.
“JAY-Z 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.”
At time of writing, the Bitcoin donation is worth approximately $23.9 million.
The duo is currently searching for three individuals to serve as the trust’s board members. Those interested in the role must fill out an application form which states that the trust’s mission is to “make Bitcoin the internet’s currency.”
Last September, the Twitter CEO suggested that Bitcoin is the internet’s most viable native currency.
“I think the internet wants a currency. And wants a native currency. And I think Bitcoin is probably the best realization of that, thus far. I can’t see that changing given all the people who want the same thing and want to build it for that potential.”
According to Twitter CFO Ned Segal, Twitter is also considering allocating some of its cash reserves to Bitcoin.
Dorsey’s announcement arrives amid several challenges facing cryptocurrencies in India and parts of Africa. Plans are afoot in India to potentially ban cryptocurrencies and Africa’s most populous country, Nigeria, earlier this month reminded regulated financial institutions that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”
Other African countries such as Burundi and Zimbabwe have taken even harsher steps toward regulating cryptocurrencies. Burundi banned cryptocurrency trading in September of 2019 while Zimbabwe prohibited regulated financial institutions from processing payments linked to crypto assets in May of 2018.
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