Twitter CEO Jack Dorsey announced the creation of a 500 BTC ($ 23.7 million) blind Bitcoin (BTC) development fund, along with rapper Jay-Z, for teams working on the project at India and Africa.
Dorsey revealed the creation of the trust on February 12 by sending a call to three board members to initially oversee the blind trust.
JAY-Z /@S_C_ and I’m giving 500 BTC to a new donation called ₿trust to finance #Bitcoin development, initially focused on teams in Africa and India. It will be established as a blind and irrevocable trust, without our guidance. We need 3 board members to get started: https://t.co/L4mRBryMJe
– jack (@jack) February 12, 2021
Dubbed ₿Trust, the board member application form reveals the mission statement: “Make Bitcoin the currency of the Internet”.
The Twitter CEO’s tweet came just hours after the news of India’s alleged plans to completely ban the use of cryptocurrencies within its borders. The world’s second most populous country could soon ban all crypto-assets, giving users a 3-6 month grace period to liquidate their assets, according to an anonymous source who spoke to Bloomberg.
On February 10, Jack Dorsey donated $ 1 million to the Washington, DC-based nonprofit Coin Center, which also received a $ 2 million grant from asset management firm Grayscale. Dorsey’s continued passion for Bitcoin recently saw him set up a complete Bitcoin node on his Macbook, meaning that he now has a hand in verifying the Bitcoin blockchain.