Share this article

Jack Dorsey, Jay-Z Put 500 Bitcoin Into Trust Supporting Africa and India

"It‘ll be set up as a blind irrevocable trust, taking zero direction from us," said Dorsey.

Updated Sep 14, 2021, 12:10 p.m. Published Feb 12, 2021, 10:11 a.m.

Twitter CEO Jack Dorsey announced Friday that he will partner with rapper Jay-Z and donate 500 bitcoin (currently worth about $23.6 million) to set up a new endowment trust supporting Bitcoin development in Africa and India.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Bitcoin advocate Dorsey tweeted the funds will go into a new endowment trust named “₿trust” initially focused on those two regions.
"It‘ll be set up as a blind irrevocable trust, taking zero direction from us," said Dorsey.
Dorsey shared a link for potential ₿trust board members to apply to help oversee the trust.
On Wednesday, Dorsey donated $1 million to cryptocurrency policy think tank Coin Center, according to an announcement tweeted by the organization's director Jerry Brito.

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

Read more: Twitter CEO Donates $1M to Coin Center

India Africa jay-z Jack Dorsey fundings CoinFlash

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.