Jack Dorsey and Jay Z donate 500 BTC to fund Bitcoin development

Twitter CEO Jack Dorsey and Rapper Jay Z have come together to make a 500 Bitcoin donation to teams in Africa and India. The Twitter Co-Founder updated his status on the platform to announce the collaboration earlier today.

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

Dorsey and Jay Z will create an endowment named ₿trust, with an initial investment of 500 BTC ($23.5 million). ₿trust will focus on Bitcoin development in Africa and India. Dorsey said on Twitter,

“It‘ll be set up as a blind irrevocable trust, taking zero direction from us.”

He also linked a google form to his status, where interested parties can apply to become a Board member in the trust. Reportedly, the Trust needs three board members to start.

Binance CEO CZ was nominated by a member of the crypto community, but CZ turned down the nomination stating,

“I am not a good candidate as I am dragged in a lot of different directions, too little time.”.

The head of the world’s leading crypto exchange added that while he would be unable to commit to the Trust, he would be happy to make a donation once it is up and running.

Dorsey has donated significantly in the recent past. A few days ago it was reported that he donated $1 million dollars to Coin Center, the leading non-profit focused on the policy issues facing cryptocurrencies. The purpose of the fund and the focus on India and Africa seems to be part of a broader effort to ensure blockchain development isn’t restricted to particular geographies.

The Indian government, however, recently proposed a draft law to ban private cryptocurrencies, including Bitcoin, entirely. CEO of Indian crypto exchange WazirX commented on Dorsey’s move saying,

“Amazing initiative for Indian developers. Such initiatives won’t be possible if India were to think of a crypto ban.”