Jack Dorsey and Jay-Z announce bitcoin fund for Africa and India
Twitter CEO Jack Dorsey and rapper Jay-Z have announced an investment of 500 bitcoin, worth around US$23.6 million, in an endowment fund called ₿trust. The fund will support bitcoin development in Africa and India. In a tweet, Dorsey announced that the fund would be set up as a blind irrevocable trust, and would be independent from the two founders. He called for initial board members.
The announcement comes as African governments are grappling with the regulation of cryptocurrencies. The Nigerian central bank banned cryptocurrency networks from operating bank accounts while South Africa is seeking to tax cryptocurrency transactions.