It’s starting in Africa and India, even though the latter plans to ban cryptocurrency.
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This story originally appeared on Engadget
Twitter and Square CEO Jack Dorsey has teamed up with rapper and Tidal chief Jay Z on a new endowment to fund Bitcoin development starting in Africa and India, Dorsey tweeted. They’re launching the project, called ₿trust, with an injection of 500 Bitcoin currently valued at $23.6 million. It will be set up as a blind irrevocable trust, so neither Dorsey nor Jay Z can give any direction on how it’s run. Dorsey didn’t provide any more details, other than linking a ₿trust board member application.
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 announcement comes at an odd time, because India just announced that it will completely ban cryptocurrencies after giving investors a transition period to divest their holdings. At the same time, the announcement comes when bitcoin is