Jack Dorsey, CEO of Twitter, has announced the creation of a Blind Bitcoin (BTC) Development Trust worth 500 BTC ($ 23.7 million) with rapper Jay-Z for teams involved in the project in India and Africa work.
Dorsey announced the formation of the trust on February 12 when he asked three board members to monitor the blind trust first.
JAY-Z / @ S_C_ and I are giving 500 BTC to a new foundation called ₿trust to fund #bitcoin development, which originally focuses on teams in Africa and India. It is established as a blind irrevocable trust that takes no direction from us. To start, we need 3 board members: https://t.co/L4mRBryMJe
– jack (@jack) February 12, 2021
The board member application form, known as “Trust”, incorporates the mission statement “Make Bitcoin the Currency of the Internet”.
The Twitter CEO’s tweet appeared just hours after news was released of India’s alleged plans to completely ban the use of cryptocurrencies within its borders. According to an anonymous source speaking to Bloomberg, the second most populated country in the world could soon ban all crypto assets and give users a grace period of 3 to 6 months to liquidate their holdings.
On February 10, Jack Dorsey donated $ 1 million to Coin Center, a Washington, DC-based nonprofit, which also received a $ 2 million donation from wealth management firm Grayscale. Dorsey’s ongoing infatuation with Bitcoin recently prompted him to set up a full Bitcoin node from his Macbook, which means he can now check out the Bitcoin blockchain.