Jack Dorsey and Jay-Z to earmark 500 BTC for Bitcoin developers

CEO Twitter Jack Dorsey announced that, together with rapper and producer Sean Corey Carter, known as Jay-Z, he would allocate 500 BTC (~$23.6 million) to a fund financing Bitcoin developers.

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. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe

— jack (@jack) February 12, 2021

The ₿trust fund will be primarily aimed at professionals from Africa and India.

“It will be set up as a blind irrevocable trust, taking no direction from us. To begin with, we will need three board members,” Dorsey clarified.

He attached the application form for candidates to the tweet. In the replies, some suggested that the Binance CEO join the board.

Thanks for the nomination, but I am not a good candidate as I am dragged in a lot of different directions, too little time. Happy to make a donation once this is up and running though. Good luck @jack. Awesome work!

— CZ 🔶 Binance (@cz_binance) February 12, 2021

In the fund’s governance mission, Dorsey describes Bitcoin as the currency of the Internet. Earlier, he had repeatedly called digital gold the best candidate for this role.

The cryptocurrency arm of the company Square, founded and led by Dorsey, has repeatedly funded Bitcoin developers. In 2019 and 2020, Square Crypto awarded grants to develop the Bitcoin’s second-layer network, the Lightning Network.

In November last year the firm financially supported the Bitcoin wallet designer Maggie Valentine.

Earlier, Jack Dorsey donated $1 million to Coin Center, following the example set by Grayscale Investments.

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