Jay-Z and Jack Dorsey, the CEO of Twitter and Square, are joining forces to establish a Bitcoin fund focused on developing the cryptocurrency market in Africa and India.
According to Variety, the pair have purchased 500 Bitcoin, which is currently worth $24 million, with a goal of making Bitcoin “the internet’s currency.”
“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,” Dorsey tweeted on Thursday (February 11). He previously said he supports Bitcoin “as a long-term path towards greater financial access for all.”
Furthermore, the rapper/entrepreneur and tech executive are seeking three board members to oversee the fund. Dorsey says It will be established as a blind irrevocable trust “taking zero direction” from the duo.
This isn’t the first time Hov and Dorsey have worked together financially. Last May, Dorsey donated $10 million to the REFORM Alliance, a prison reform non-profit organization founded by Jay-Z, Meek Mill and businessman Michael Rubin.
The donation went toward improving coronavirus relief efforts in prisons, including the purchase of more than 10 million surgical masks and other personal protective equipment in all 50 states.