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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 Jack Dorsey Getty Images

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.”

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