Jay-Z and Jack Dorsey Launch a Bitcoin Development Fund

It's starting in Africa and India, even though the latter plans to ban cryptocurrency.
Jay-Z and Jack Dorsey Launch a Bitcoin Development Fund
Image credit: peterschreiber.media/Getty Images via engadget

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
2 min read
This story originally appeared on Engadget

Twitter and Square CEO Jack Dorsey has teamed up with rapper and Tidal chief Jay Z on a new endowment to fund Bitcoin development starting in Africa and India, Dorsey tweeted. They’re launching the project, called ₿trust, with an injection of 500 Bitcoin currently valued at $23.6 million. It will be set up as a blind irrevocable trust, so neither Dorsey nor Jay Z can give any direction on how it’s run. Dorsey didn’t provide any more details, other than linking a ₿trust board member application.

The announcement comes at an odd time, because India just announced that it will completely ban cryptocurrencies after giving investors a transition period to divest their holdings. At the same time, the announcement comes when bitcoin is at an all-time high of $47,450 for a single Bitcoin, up $17,000 or so from just a couple of weeks ago.

While India might be planning to ban Bitcoin, the corporate world is starting to embrace it. Mastercard became the latest payment company to support cryptocurrencies, joining Dorsey’s Square and even traditional banks. Telsa announced last week that it would accept Bitcoin in payment for its EVs, after buying up $1.5 billion in the cryptocurrency.

Cryptocurrencies are booming in African countries like Nigeria, as TechCrunch noted. They can provide a hedge against currency devaluation and even act as a reserve currency, an idea Kenya has said it would adopt. However, as the massive fluctuations of late have shown, it’s still risky to use it to pay for goods, services or employees — so it still can’t replace traditional currency for most folks.

More from Entrepreneur
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources
Entrepreneur Insider members enjoy exclusive access to business resources for just $5/mo:
  • Premium articles, videos, and webinars
  • An ad-free experience
  • A weekly newsletter
  • A 1-year Entrepreneur magazine subscription delivered directly to you
Make sure you’re covered for physical injuries or property damage at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur