Jack Dorsey names board members of Jay-Z-backed Bitcoin fund

Twitter co-founder and Block CEO Jack Dorsey named the board members of the Jay-Z-backed fund to finance Bitcoin developers.

In February 2021, Dorsey and rapper Sean Carter, known by the stage name Jay‑Z, said that they would allocate 500 BTC to create ₿trust. It was intended that the fund would be primarily targeted at professionals from Africa and India.

Dorsey then proposed appointing three board members for the initiative in the form of a blind trust.

On December 15, he named four: Carla Kirk‑Cohen, Abubakar Nur Khalil, Obi Nwosu and Ojomo Ochai. All are from Africa, and three are from Nigeria.

According to Dorsey, the quartet was selected from 7,000 candidates.

“They will now work on defining governance principles, as they consider how best to distribute 500 BTC toward development efforts,” he wrote.

Back in December, the payments company Square changed its name to Block to emphasise its commitment to blockchain projects.

Earlier the firm announced the development of a hardware Bitcoin wallet and the creation of a crypto-focused platform. The firm also invested in digital gold, moving a portion of its reserves into it.