Twitter CEO Jack Dorsey and Jay Z Announce Bitcoin Fund Initially Focussed On India, Africa

Twitter CEO Jack Dorsey and rap artist Jay-Z will invest 500 bitcoins (approximately Rs 174 crore) announced that they are teaming up to establish Bitcoin development fund called ₿trust with a initial focus on India and Africa in the beginning.

Dorsey, who is also the CEO of payments company Square, took to Twitter to announce about bitcoin endowment, he wrote, “AY-Z/@S_C_ and I are giving 500 BTC to a new endowment named trust to fund 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."

Dorsey also said that he would require three board members for the new project. He also shared a link to Google form for potential board members. The form can be filled by the applicants who wish to join Dorsey as one of the board members.

The announcement has come at a time when the Bitcoin value has surged dramatically over the past few months, setting new records.

The price of Bitcoin reached a high of $48,925.53 in the past 24 hours, according to data from CoinDesk.

However, the future of private cryptocurrency is still uncertain in India as the country is reportedly planning to introduce a bill to prohibit all "private cryptocurrencies".