Twitter and Square CEO Jack Dorsey and rapper Jay Z have created an endowment to fund bitcoin development initially in Africa and India, Dorsey said on 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.

Government in India has so far been reluctant to embrace bitcoin and other cryptocurrencies. Friday’s move comes as New Delhi is inching closer to introducing a law that would ban private cryptocurrencies in the nation. It is also looking to create its own digital currency.

Tech crunch:
https://techcrunch.com/2021/02/12/jack-dorsey-and-jay-z-invest-23-6-million-to-fund-bitcoin-development/