JAY-Z and Jack Dorsey launch $24 million fund to create Bitcoin
JAY-Z and Jack Dorsey are launching a fund to develop Bitcoin in Africa and India.
JAY-Z and Twitter CEO Jack Dorsey are launching a $24 million fund to help create Bitcoin overseas.
The two businessmen are putting 500 BTC towards a new endowment called ₿trust, according to Dorsey’s tweet on Friday (Feb. 12) “JAY-Z and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India,” he tweeted. “It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start.” He also added a link to an application where potential board members can apply with their name, email address and proof of work.
This wouldn’t be the first time the two billionaires have teamed up. REVOLT previously reported that Dorsey’s company, Square, was in talks to buy TIDAL from the Brooklyn emcee. The streaming platform reportedly has a difficult time keeping up with its larger rivals, such as Spotify and Apple Music.
Acquiring TIDAL would give Square a chance to broaden its business model, according to Wedbush Securities analyst Daniel Ives. “Square already had customer trust and there’s a cross-sale opportunity when you look at streaming,” Ives told The Post. “The company has really become an e-finance gargantuan over the last few years. This is Dorsey just further expanding their mode, potentially into music streaming.”
Additionally, Dorsey donated $10 million to REFORM Alliance, the prison reform non-profit founded by JAY, Meek Mill and Michael Rubin, last year. The funds reportedly went towards improving COVID-19 relief efforts in prisons. REFORM purchased more than 10 million surgical masks and other protective equipment to distribute to jail facilities in all 50 states.
“I’m grateful REFORM exists,” Dorsey previously said in a statement. “The criminal justice system needs to change. COVID-19 adds to the injustices and REFORM is best suited to help.”
YOU MIGHT ALSO LIKE
Below, our gift guide highlights some of our favorite Walmart finds for anyone in need of a home refresh.
“REVOLT Black News” correspondent Kennedy Rue counts down the top five moments from the 2023 Billboard Music Awards, including surprising wins, historic firsts, and dope performances. Sponsored by Amazon.
In this new episode of ‘Bet on Black,’ food and beverage take center stage as aspiring Black entrepreneurs from It’s Seasoned, Black Farmer Box, and Moors Brewing Co. present their business ideas to judges with mentorship from Melissa Butler. Watch here!
Take a look inside the Makers Studio presented by Walmart at REVOLT WORLD, a space where Black creators could hone in on their brand and see it come to life.
Fly Guy DC taps in with REVOLT WORLD attendees to learn what the Opportunity Center, presented by Walmart, means to them and their futures.
Walmart supports HBCU students and encourages them to be Black & Unlimited. Fly Guy DC talked to a few at REVOLT WORLD about how being an HBCU student has changed their lives.
In the season finale of “Bet on Black,” special guest judge Ray J joins as the finalists take the main stage to show they have what it takes to win the $200,000 grand prize; Melissa Butler and Eunique Jones Gibson mentor. Presented by Target.
REVOLT is continuing its impactful partnership with Walmart by teaming up to showcase Black creatives at HBCUs all-across America. The panel consisted of three experienced, accomplished Black HBCU alumni: Actor and media personality Terrence J, entertainment attorney John T. Rose, and actress and “REVOLT Black News” correspondent Kennedy-Rue McCullough.
The health of a community can often be traced to the health of the environment that surrounds it. In Atlanta, a woman named Dr. Jaqueline Echols has dedicated her life to helping ensure that people in economically underserved communities have clean rivers – for better health and for the joy of outdoor recreational space.
Join Kennedy Rue on “REVOLT Black News Weekly” as she dives into the world of Black entertainment in 2023. In this episode, we welcome the iconic Ludacris, celebrated producer Will Packer, and renowned director Tim Story. Together, they explore the cultural shifts in Hollywood, emphasizing the importance of Black representation in holiday films. The discussion highlights ‘Dashing Through the Snow,’ a Christmas movie that celebrates Black joy and tackles deeper themes of faith and childhood trauma. Watch!
Here’s a list of rappers who are named after food. Enjoy — or shall we say, “Bon appetit”?
In this exclusive interview, DDG opens up about his fashion inspiration, what drew him to girlfriend Halle Bailey, dealing with negative opinions about his relationship, and more. Read up!
The artist has remained remarkably consistent in her song lyrics about making money, telling off haters and feeling liberated since her debut.
Whether it be the triumphant “Not Afraid” or resilient “Soldier,” Eminem’s music has the power to inspire you to reach your goals.
The next time you’re looking for a caption for your perfectly curated Instagram, there’s a 95 percent chance that Drizzy’s got you!