Jack Dorsey and Jay Z create 500 BTC endowment to fund development

Twitter CEO Jack Dorsey and rapper Jay Z announced their efforts to create an endowment to fund Bitcoin development in Africa and India.

The duo are pouring 500 BTC into the fund, worth ~$23.9 million at the time of writing. According to Dorsey, it will be set up as a blind irrevocable trust that won’t take any direction from its founders once it’s set up. The hunt for three board members has already begun, with Dorsey tweeting a link to an application form on Friday.

Dorsey has long shown his admiration for bitcoin, even asserting it may become the internet’s own native currency. Twitter itself, though, hasn’t invested in BTC so far, and its CFO Ned Segal said early last week that the company had considered whether it should invest some of its assets into bitcoin but felt it wasn’t the right time.

Segal explained, “It’s something we continue to study and look at. We want to be thoughtful about it over time, but we haven’t made any changes yet.”

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