Twitter CEO Jack Dorsey has announced the creation of a 500 BTC ($ 23.7 million) blind Bitcoin (BTC) development trust, along with rapper Jay-Z, for teams working on the project in India and Africa work.
Dorsey unveiled the creation of the trust on Feb. 12 while sending a call for three board members to initially oversee the blind trust.
JAY-Z /@S_C_ and I donate 500 BTC to a new donation called ₿trust to finance # Bitcoin development, initially focused on teams in Africa and India. It will be set up as a blind irrevocable trust, which will take no direction from us. We need 3 board members to get started: https://t.co/L4mRBryMJe
– jack (@jack) 12 February 2021
The application form for board members, called the ₿Trust, calls the mission statement: “Make Bitcoin the Internet’s currency.”
Twitter CEO’s tweet appeared hours after news broke of India’s alleged plans to completely ban the use of cryptocurrencies within its borders. According to an anonymous source, who spoke to Bloomberg, the country’s second most populous country could soon ban all cryptocurrencies, giving users a grace period of 3-6 months.
On February 10, Jack Dorsey donated $ 1 million to the Washington DC-based nonprofit Coin Center, which also received a $ 2 million donation from asset management firm Grayscale. Dorsey’s ongoing infatuation with Bitcoin recently saw him set up a Bitcoin – full node of his Macbook, meaning he now has a hand in verifying the Bitcoin blockchain.