|-Jack Dorsey partners with Jay-Z to create 500 BTC blind Bitcoin Trust.|
-Dorsey is a known long-time supporter of bitcoin with “#bitcoin” as his Twitter profile.
-Over the past year, many companies supported more than 25 developers and projects with an approximated $3.46 million.
Twitter co-founder and CEO Jack Dorsey partnered with well-known rapper Jay-Z to give 500 bitcoin to set a Blind Bitcoin Trust.
Jack Dorsey and Jay-Z to Create 500 BTC Blind Bitcoin Trust
Dorsey wrote in a Tweet that the new development, called Bitcoin trust, is set to fund bitcoin development with an initial focus on teams in Africa and India. The 500 BTC is worth more than $23.5 million at bitcoin’s current prices.
“It’ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start,” Dorsey said while including a board member application form.
Dorsey is a known long-time supporter of bitcoin with “#bitcoin” as his Twitter profile. The new fund comes days after reports that Dorsey made a $1 million investment to US-based crypto policy think tank Coin Center.
Square Inc, which is also co-founded and chaired by Dorsey, bought around 4,709 bitcoin last October with an aggregated cost of $50 million. The firm also has an ongoing Square Crypto Grant program to fund the development of bitcoin-related design and technology.
Over the past year, many companies including crypto exchanges, tech startups, and nonprofit organizations, launched similar events. These programs supported more than 25 developers and projects with an approximated $3.46 million.