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Jay-Z, Twitter’s Jack Dorsey Establish $24 Million Fund to Develop Bitcoin

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variety.com
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Todd Spangler NY Digital EditorRapper-entrepreneur Jay-Z and Jack Dorsey, CEO of Twitter and Square, teamed up to form a new Bitcoin fund, focused on developing the cryptocurrency’s adoption initially in Africa and India.The duo are investing 500 Bitcoin, currently worth about $24 million, in the project, according to Dorsey, with the mission of making Bitcoin “the internet’s currency.”“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,” Dorsey tweeted late Thursday.

The exec has previously said he supports Bitcoin “as a long-term path towards greater financial access for all.”Dorsey said ₿trust will be established as a blind irrevocable trust,.

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