Twitter CEO Jack Dorsey and famed rapper Jay-Z are giving nearly $24 million to fund Bitcoin development. The fund will be given to an endowment, known as ₿trust.
500 Bitcoins in Endowment
Dorsey posted on Twitter and revealed 500 Bitcoins to be spent on teams based in India and Africa. The money will go into the development of Bitcoin as an “internet currency.” Twitter CEO requires three board members as he will not give any “direction” to the Bitcoin trust.
Dorsey and Jay-Z have selected two regions, Africa and India, where they will invest approximately $24 million in the development of the world’s top digital currency.
Dorsey-led payment firm Square started receiving cryptocurrency as payments back in 2014 when Bitcoin was a minor investment instrument. Last year, Square bought the flagship currency worth $50 million as part of an investment. Twitter head has been a supporter of the top digital from the beginning. Once, he explained the reason for his voice for Bitcoin. According to him, the technology underlying Satoshi’s coin is fabulous as a third party does not control it. The Internet needs a currency that is not under the authority of a centralized entity.
He pasted a Google form to be filled by people interested in the seats of the project’s board members, along with the Twitter post. Interestingly, he selected India and Africa, which may ban cryptocurrency in the next coming weeks.
Bloomberg reported that the Reserve Bank of India (RBI) is working on banning cryptocurrency usage in the country. However, the government will give some time to investors to sell their crypto assets. India is one of the regions where crypto is getting recognition among retail investors at an exponential rate. According to some local sources, the crypto regulation bill will be introduced in the budget session that is going on.
Africa is famous for its high crypto trading volume. For example, Nigeria is the second-biggest country after the United States in terms of Bitcoin’s trading volume. Africa is a subcontinent where Bitcoin can get a mainstream position as the majority of the region’s population is unbanked.
The funded project’s mission is to make the top digital currency the official currency of the internet with no external manipulation.