Jack Dorsey, Jay-Z Launch Bitcoin Development Endowment

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Earlier today, Twitter CEO Jack Dorsey announced a partnership with hip-hop mogul and billionaire Sean Carter, aka Jay-Z, to create a Bitcoin development endowment focused initially on teams in India and Africa. 

The endowment will be called the “₿trust” and the pair will be bootstrapping it with 500 bitcoin, currently valued at more than $23 million. ₿trust is currently recruiting three board members, which Dorsey is soliciting through the relatively informal platform Google Forms

The board member application has a simple message at the top: “mission: make bitcoin the internet’s currency.” It can be filled pseudonymously and it asks candidates to simply submit a freeform written description of their credentials, under a field titled “proof of work.”

While details still remain scarce, one 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 will have no say in how the endowment operates. 

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The fact that this investment is focused partially on Africa should not come as a surprise, as Dorsey has visited the continent several times, even making public plans to move to Africa in 2020, before the world was brought to a halt by the COVID-19 pandemic.

Dorsey’s digital payments company, Square, has also worked to fuel Bitcoin development with grants through its cryptocurrency-focused division, Square Crypto.