- Twitter and Square CEO Jack Dorsey on Friday said he’d partnered with Jay-Z on a bitcoin endowment.
- The pair will invest 500 bitcoin to develop the currency in India and Africa, Dorsey said.
- Dorsey posted a form for applicants for three board seats for the endowment, called ₿trust.
- Visit the Business section of Insider for more stories.
Twitter and Square CEO Jack Dorsey on Thursday announced a partnership with Jay-Z to start a bitcoin endowment, which will be focused on developing the cryptocurrency in India and Africa.
“It’ll be set up as a blind irrevocable trust, taking zero direction from us,” Dorsey said on Twitter.
Called “₿trust,” the endowment is being funded with an initial investment of 500 bitcoin, worth roughly $23.6 million as of Friday morning.
It will initially focus on “teams in Africa & India,” Dorsey said, but didn’t offer additional details.
Read more: A Ruffer portfolio manager invested a portion of his $4.8 billion fund in Bitcoin. Here’s what swayed him to bet on crypto — and the 2 other ways he’s hedging against worrying speculative bubbles
Bitcoin hit a record high on Friday, trading above $48,000. It has climbed about 24% in the last week. It spiked about 7% after Elon Musk on Thursday posted a cryptic reference to Lord of the Rings, Dogecoin, and bitcoin.
Jay-Z and Dorsey were looking for three board members for the trust, which has the mission to “make bitcoin the internet’s currency,” according to the board application form.
The process of applying was simple; potential board members asked to provide three details: email, name or nym, and proof of work. The latter detail was was the most important, according to the form. “We will judge valid candidates entirely on what’s shared here,” it said.
Dorsey’s Square last October invested about $50 million in bitcoin, buying about 5,000 bitcoin. He’s tweeted about the cryptocurrency often, including during a tweetstorm about President Donald Trump’s Twitter account.
Dorsey and Jay-Z have reportedly circled around each other’s business interests, including reports in December that Square was interested in buying Jay-Z’s music-streaming service, Tidal. The two were photographed on a yacht together last year, according to Vulture. They were also spotted walking together in the Hamptons.
Jay-Z, whose real name is Shawn Carter, in December launched a cannabis line, Monogram, in partnership with Caliva.
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