Jay-Z and Jack Dorsey Invests 500 BTC in a New Endowment Fund ₿trust

Twitter co-founder and CEO Jack Dorsey, a vocal Bitcoin proponent, has announced a new endowment fund named ₿trust.

In his tweet on Friday, Dorsey shared that he, along with popular rapper Jay-Z, is giving 500 BTC, worth $24 million at the current price of $48,000 per Bitcoin, to the fund.

Little details have been shared about the fund except that this fund will be all about the development of the largest cryptocurrency. Initially, the focus of the project will be on teams in Africa and India.

“It‘ll be set up as a blind irrevocable trust, taking zero direction from us,” said Dorsey, whose bio continues to contain only “bitcoin.”

The fund is currently looking for three board members with the application attached in Dorsey’s tweet that asks for “email address,” “Name or nym,” and “Proof of work,” on whose basis entirety the candidates will be judged.

Interestingly, the mission of the fund in the board member application is to “make bitcoin the internet's currency.”