Earlier today, Twitter CEO Jack Dorsey announced partnered with hip-hop mogul and billionaire Sean Carter, aka Jay-Z, to create a Bitcoin development fund that initially targeted teams in India and Africa.
The endowment will be dubbed the “trust” and the pair will start it up with 500 bitcoin, currently valued at over $ 23 million. Momenteeltrust is currently recruiting three board members, whom Dorsey is asking through the relatively informal platform Google Forms.
The management application has a simple message at the top: “mission: make bitcoin the currency of the internet.” It can be entered pseudonymously and it asks candidates to simply submit a free written description of their credentials, under a field titled ‘proof of work’.
While details are still sparse, an important factor to note at this point is that the endowment is being set up as a blind, irrevocable trust. In other words, Dorsey and Carter have no control over the operation of the endowment.
The fact that this investment is partially focused on Africa should come as no surprise, as Dorsey has visited the continent several times and even made public plans to move to Africa in 2020, before the world was brought to a standstill by the COVID 19. pandemic.
Dorsey’s digital payments company Square has also worked to boost Bitcoin development with grants through its cryptocurrency-focused division, Square Crypto.
