Jay-Z and Jack Dorsey Establish $24 Million Fund to Develop Bitcoin 

Photo Courtesy Bloomberg by Cole Burston and Invision/AP by Greg Allen

Twitter founder and CEO, Jack Dorsey announced that he would endow a trust with 500 BTC or bitcoins (approximately $23.7 million, as of this writing) along with music mogul Jay-Z to aid Bitcoin  development, with an initial focus on India and Africa.

In the description of the fund management mission, Jack Dorsey considers Bitcoin as the currency of the Internet.

JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe

— jack (@jack) February 12, 2021

African countries such as Uganda, Morocco, and Nigeria in recent moments placed a ban on the use of Bitcoin (BTC) and other cryptocurrencies.

Although, according to recent data which proved India and Africa are leading the race for crypto adoption. Nigeria topped the rank for most bitcoin searches earlier this year according to Google trend data.