Just hours after an anonymous source reported that India will issue a blanket ban on all cryptocurrencies, Jack Dorsey and Jay-Z announced a 500 bitcoin development trust.
Twitter CEO Jack Dorsey announced the establishment of a Blind Bitcoin (BTC) 500 BTC ($23.7 million) development trust, along with rapper Jay-Z, for teams working on the project in India and Africa.
Dorsey announced the formation of a trust on Feb. 12, at the same time as sending a call for three board members to initially oversee the blind trust.
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. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
Dubbed the ₿Trust, the application form for board members reveals the mission statement, “Make Bitcoin the internet’s currency.”
The Twitter CEO’s tweet came only hours after news emerged regarding India’s reported attempts to fully prohibit the usage of cryptocurrencies inside its borders. The world’s second most populous country could soon move to ban all crypto assets, allowing users a 3–6 month grace period to liquidate their holdings, according to an anonymous source who spoke to Bloomberg.
On Feb. 10, Jack Dorsey donated $1 million to the Washington D.C.-based non-profit organisation Coin Center, which also received a $2 million donation from Grayscale asset management company. Dorsey’s continuing infatuation with Bitcoin recently saw him set up a full-node bitcoin on his Macbook, suggesting that he now has a hand in testing the blockchain bitcoin.
316 Interactions, 2 today
When Bitcoin rises in mass acceptance, it doesn't come as a surprise that some of the asset's detractors have changed Read more
Aave travelled within a descending triangle, but at the time of publishing, its technical indicators did not support a breakout. Read more
After Ripple Laboratories, the payment giant MoneyGram is the next to be caught at the end of the legal entanglement, Read more
Coinbase began its journey by helping users to purchase Bitcoin. Fast-forward 8 years and consumers will be able to buy Read more