The CEO of Twitter and Square, Jack Dorsey, on Thursday, came up with an announcement regarding his partnership with Jay-Z for bitcoin endowment. It is going to be focused on the development of cryptocurrency in India and Africa.
“It’ll be set up as a blind irrevocable trust, taking zero direction from us,” Dorsey said on Twitter.
Named as “₿trust,” the endowment is getting its fund from an initial investment of 500 bitcoins, which is worth the value of $23.6 million as per the morning of Friday.
According to Dorsey, it is initially going to focus on the teams in Africa and India, but he didn’t say any additional details.
Bitcoin has managed to hit a record high on Friday while trading above $48000. It climbed at around 24% from the last week.
It has spiked by 7% as Elon Musk posted a cryptic type of reference to the Lord of the Rings, bitcoin, and Dogecoin.
Jay-Z and Dorsey started to look out for three board members for the trust. It started with a mission to make bitcoin, the currency of the internet, as per the board application form.
The application process is very simple. The potential board members have been asked to provide three of their personal details, including email, nym or name, and proof of work. The latter detail is of much importance as per the form. It says, “We will judge valid candidates entirely on what’s shared here.”
Last October, Dorsey’s Square made an investment of around $50 million in bitcoin. It was about buying 5000 bitcoins. He often tweeted about cryptocurrency, even during a tweetstorm of President Donald Trump’s Twitter account.
Dorsey and Jay-Z are reported to have been circling the business interests of each other. Even in a report from December, it is evident that Square was interested in buying the music streaming service of Jay-Z, Tidal. The two got their photographs on a yacht together. They were also spotted walking together in Hamptons.
Jay-Z launched his cannabis line in December, which is called Monogram, along with a partnership with Caliva.