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Jack Dorsey & Jay-Z Partner for Bitcoin Development in Africa and Asia


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Jack Dorsey, CEO of Twitter and rapper cum business mogul Shawn Carter, popularly known as Jay-Z, have decided to partner on Bitcoin development focusing on Africa and India.

Both parties are putting 500 Bitcoins (an equivalent of $23.5m) in an endowment called ₿trust.The blind irrevocable trust is looking to hire three board members, and would be setup without the duo giving any direction to the board. The funds mission is to “make bitcoin the internet’s currency.”

Bitcoin is currently experiencing a surge, this being the second major investment announced, just after Tesla announced its investment into the Cryprocurrency, reportedly holding $1.5 billion in bitcoin on as part of a move to “invest a portion of [the company’s] cash in certain specified alternative reserve assets.” The car manufacturing company also said it expects “to begin accepting bitcoin as a form of payment for our products in the near future … which we may or may not liquidate upon receipt.”

Jack Dorsey is already a supporter of Cryprocurrency, with his payment platform company, Square, already accepting payments in Bitcoin since 2014. 

This recent announcement into investing in Bitcoin development in Africa and India, comes against the backdrop of the Africa’s biggest Cryprocurrency market, Nigeria, announcement by its apex bank, CBN, placing a ban on Cryprocurrency activities and the irony of India preparing to place a bill to ban bitcoin in India.

 

Written by Ambagain Inyambe

Ambagain is an intern and a freelance writer at hypestation. To him, writing is one of the many forms of expression available. You can follow him on Twitter and Instagram on @iiambagain

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