Twitter and Square CEO Jack Dorsey and rapper Jay Z have created an endowment to fund bitcoin development initially in Africa and India, Dorsey said Friday, according to Tech Crunch.
The fund will be set up as a blind irrevocable trust, Dorsey said, adding that the duo won’t be giving any direction to the team.
“It‘ll be set up as a blind irrevocable trust, taking zero direction from us,” said Dorsey.
Dorsey and Jay Z will both put 500 bitcoins, which is currently worth $23.6 million, in the endowment called ₿trust.
Bitcoin advocate Dorsey tweeted the funds will go into a new endowment trust named “₿trust” initially focused on those two areas.
Meanwhile, Nigeria’s central bank (CBN) has so far been reluctant to embrace crypto as it recently placed a ban on exchanges dealing with Nigerian banks for both deposits and withdrawals.