TL;DR Breakdown:
- Jay-Z and Twitter CEO are launching a new initiative to fund Bitcoin developers in India and Africa.
- Binance CEO will support the project as soon as it gets started.
The CEO of Twitter, Jack Dorsey, has shown strong support for the leading cryptocurrency, Bitcoin (BTC), as well as its development over the years. Today, Dorsey has again announced a collaborative effort with an American rapper, Shawn Corey Carter – popularly known as Jay-Z – to fund BTC developers in Africa and India. This is coming just when India and some countries in Africa, like Nigeria, are battling with support from regulators.
Jay-Z helps strengthens BTC development
As Dorsey tweeted, he was able to raise 500 BTC with Jay-Z, which is worth about $23.6 million at the time of writing. This Bitcoin trust initiative, which initially focuses on developers in India and Africa, will be launched as a non-revocable trust, according to the CEO of Twitter. It will also not take any direction from either Jay-Z or Dorsey.
To get things started, they are currently looking for three board members to work with on the project. While this might be Jay-Z’s first commitment to supporting Bitcoin, Dorsey has already committed lots of funds in supporting the crypto’s development. Dorsey led his company, Square Inc., to invest $50 million in Bitcoin last year, just after MicroStrategy announced their BTC position. Recently, Twitter also admitted that they are considering making a similar move to add and pay employees in the cryptocurrency.
It’s also worth mentioning that Dorsey is now running his own Bitcoin node, helping to keep the network more secure.
Binance CEO pledges to support
The CEO of Binance, Changpeng Zhao, was nominated to serve as a board member of the initiative. However, he kindly declined the offer, saying, “I am dragged in a lot of different directions, too little time.” CZ pledged to support the initiative as soon as it keeps up.
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