Jay-Z and Jack Dorsey Launch $24 Million Fund to Develop Bitcoin in India and Africa

Jay-Z and tech mogul Jack Dorsey are launching a fund to develop bitcoin in India and Africa. / Reuters (2)

Rapper Jay-Z and tech mogul Jack Dorsey are launching a roughly $24 million fund to help develop bitcoin.

The Brooklyn-born artist and the Twitter CEO are putting 500 bitcoin into an endowment called “₿trust,” Dorsey announced Friday.

The fund’s mission is to make bitcoin “the internet’s currency” and it will initially focus on aiding efforts to develop the cryptocurrency in India and Africa, according to Dorsey.

It will be set up as a blind irrevocable trust that will take “zero direction” from Dorsey and Jay-Z, who was born Shawn Carter, Dorsey said in a tweet.

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SOURCE: New York Post, Noah Manskar

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