Cryptocurrency is the future and JAY-Z and Twitter’s CEO, Jack Dorsey, are making sure they end up on the right side of history.
Dorsey announced on Twitter that he and Hov donated $24 million to fund bitcoin development in African and Indian countries.
He wrote “JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us,” he wrote.
Dorsey clarified that he nor JAY-Z will be involved with running the trust. “We need 3 board members to start,” he said.
This announcement comes after Bitcoin had a major week. The oldest bank in the United States, BNY Mellon vowed to handle the currency in its custodial bank. Other major banks like JP Morgan are considering getting in on the crypto fun.
African and Indian countries recently announced the ban on cryptocurrency in exchange for their own digital currency.
Dorsey’s company Square has been accepting Bitcoin and other digital currencies for a long time. But this will be a new venture for JAY-Z