Twitter CEO Creates Bitcoin Fund for Africa and India | Digital Trends Spanish
Twitter CEO Jack Dorsey announced a collaboration with rapper Jay-Z to donate a fund of 500 bitcoins equivalent to $ 23.6 million to finance the development of projects from the cryptocurrency in Africa and India.
Dorsey, also CEO of the payments company Square, is a digital currency enthusiast. In October, the company announced the purchase of 50 million dollars in bitcoins.
The manager said that the fund will be operated as a trust in which neither he nor the musician will be able to exercise direction.
Dorsey shared the announcement along with a three-member nomination form for the fund’s board of directors.
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 & amp; 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
& mdash; jack (@jack) February 12, 2021
The project, however, will have to face restrictions announced by the Indian government, which will prohibit the use of cryptocurrencies in the country.
The initiative of the Twitter manager closes a week of announcements of significance for the field of cryptocurrencies.
On Monday, billionaire Elon Musk – one of the main promoters of cryptocurrencies – announced that Tesla converted $ 1.5 billion to bitcoins and that the company would soon accept the currency as a form of payment.
Tesla’s investment led to Bitcoin trading at an all-time high, close to $ 47,000 per bitcoin.
Meanwhile, on Wednesday the payment company Mastercard said that it would begin accepting cryptocurrencies this year, although it mentioned that it would limit itself to carrying out transactions only with currencies that comply with the anti-money laundering regulations of the countries where it operates. The condition would exempt Bitcoin from its transactions.