Twitter and Square CEO Jack Dorsey and Roc Nation founder Jay Z have created an endowment to fund bitcoin development initially in Africa and India, Dorsey said Friday.
The duo is putting 500 bitcoin, which is currently worth $23.6 million, in the endowment called ₿trust. The fund will be set up as a blind irrevocable trust, Dorsey said, adding that the duo won’t be giving any direction to the team.
₿trust is looking to hire three board members. The mission of the fund is to “make bitcoin the internet’s currency,” a job application describes.