Jack Dorsey, Jay Z to fund bitcoin development with new 500 BTC endowment
February 12, 2021, 2:53AM EST
1 min read
Twitter co-founder and CEO Jack Dorsey says he and well-known rapper Jay-Z are giving 500 bitcoin to set a new endowment.
Dorsey wrote in a Tweet on Friday that the new endowment, called ₿trust, is set to fund bitcoin development with an initial focus on teams in Africa and India. The 500 BTC is worth over $23.5 million at bitcoin's current prices.
"It'll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start," Dorsey said while adding a board member application form.
Dorsey is a known long-time supporter for bitcoin with "#bitcoin" as his Twitter profile. The new fund comes days after reports that Dorsey made a $1 million donation to U.S.-based crypto policy think tank Coin Center.