Jay-Z and Jack Dorsey have partnered on a new bitcoin endowment and are now looking for board members

  • Date: 12-Feb-2021
  • Source: Business Insider
  • Sector:Economy
  • Country:Middle East
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Jay-Z and Jack Dorsey have partnered on a new bitcoin endowment and are now looking for board members

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 "â‚¿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