Twitter CEO Jack Dorsey has announced the creation of a blind Bitcoin (BTC) development trust worth 500 BTC ($ 23.7 million), along with rapper Jay-Z, for teams working on the project in India and Africa.
Dorsey revealed the founding of the trust on Feb. 12 while calling on three board members to initially oversee the blind trust.
JAY-Z /@RTLnews and I am giving 500 BTC to a new donation called Trust to finance #Bitcoin development, initially aimed at teams in Africa & India. It will be set up as a blind, irrevocable trust, without any direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
– jack (@jack) February 12, 2021
The board member sign-up form, titled ₿Trust, reveals the mission: “Make Bitcoin the Internet’s Currency.”
The tweet from Twitter’s CEO appeared just hours after news broke about India’s alleged plans to completely ban the use of cryptocurrencies within its borders. According to an anonymous source speaking to Bloomberg, the second most populous country in the world could soon be banning all crypto assets, giving users a 3- to 6-month grace period to liquidate their holdings.
On February 10, Jack Dorsey donated $ 1 million to Washington DC-based nonprofit Coin Center, which also received a $ 2 million donation from asset manager Grayscale. Dorsey’s ongoing crush on Bitcoin recently saw him set up a Bitcoin full node from his Macbook, which means he now has a hand in verifying the Bitcoin blockchain.