Jack Dorsey Twitter and square CEO have teamed up with popular rapper and tidal Chief Jay Z on a new endowment to fund Bitcoin development in Africa and India, the social media CEO tweeted.
They’re launching a project called ₿trust, with an injection of 500 bitcoin currently worth $23.6 million dollars. This will be set up as an irreversible trust, taking zero direction from Dorsey and Jay Z. the social media CEO did not provide any more details other than an open application for three board members to start.
The announcement was made at an odd time, giving the fact that India just announced that it will permanently ban cryptocurrency after extending a transition period for investors to divest their holdings. While India is planning on permanently evicting bitcoin, the world is starting to embrace it.
MasterCard is the latest payment company to embrace cryptocurrencies, as well as Tesla announced that it would accept bitcoin in payments for its EVs, after purchasing $1.5 billion in cryptocurrency.
Cryptocurrency is rapidly growing in African countries like Nigeria, they can provide a barrier against currency devaluation and even acts as a reserve currency.