Dorsey jay africa india

Share post!

dorsey jay africa india

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.

Dorsey visited in 2019, boasts the world’s No.2 bitcoin market worldwide, according to some sources.

Dorsey has been a vocal supporter of the adoption of cryptocurrency for a long while. The payments company he leads, Square, acquired about USD 50 Mn worth of bitcoin for its corporate treasury last year and now supports bitcoin on its platform.
As the CEO of Twitter, he’s revealed that the company is studying the potential use of bitcoin to pay its employees and vendors.

With crypto exploding in parts of Africa, the timing of Dorsey’s new endeavour which aims to fund bitcoin developments across the continent is no coincidence.

However, the timing is also ominous given that one of the more active African markets that Dorsey and Jay-Z’s pro-bitcoin endowment is likely to fund, Nigeria, is currently embroiled in what looks like a State-backed war against crypto.

Dorsey further stated that ₿trust will be set up as a blind irrevocable trust, meaning that neither he nor Jay-Z will have any power to dictate or direct any matters around the fund. The announcement ended with a call for board members to apply.

With this development, Dorsey, who is known to be bullish on bitcoin, appears to be following through with an overarching mission of “making bitcoin the currency of the internet.”

And the fact that he appears to be throwing his hat in for emerging/frontier markets where cryptocurrencies like bitcoin have been caught in regulatory crosshairs suggests an aggressive play that seeks to take on the hardest terrains first.

Cryptocurrency adoption has exploded in Africa over the last few years, particularly in Nigeria, South Africa, and Kenya, with record volumes and values of crypto (mostly bitcoin) traded both formally and informally.

Dorsey jay africa indiale

Twitter CEO Jack Dorsey is teaming up with American rapper and businessman Shawn Corey Carter, popularly known as Jay-Z, to set up ₿Trust, an endowment which will fund bitcoin development starting with India and Africa.

Designed as a “blind, irrevocable trust”, with a contribution of 500 Bitcoins from Dorsey and Carter, it will have no binding direction from either, the technology maven wrote in a post on the microblogging site on Friday.

“We need 3 board members to start,” Dorsey said while providing a link to a Google form for potential applicants to use. The form states that the mission of BTrust is to “make Bitcoin the Internet’s currency”.

“JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named Btrust to fund #Bitcoin development, initially focused on teams in Africa & India.

Dorsey jay africa indian

Twitter and Square CEO Jack Dorsey has teamed up with rapper and Tidal chief Jay-Z on a new endowment to fund Bitcoin development starting in Africa and India, Dorsey tweeted. They’re launching the project, called ₿trust, with an injection of 500 Bitcoin currently valued at $23.6 million.
It will be set up as a blind irrevocable trust, so neither Dorsey nor Jay-Z can give any direction on how it’s run. Dorsey didn’t provide any more details, other than linking a ₿trust board member application.

The announcement comes at an odd time, because India just announced that it will completely ban cryptocurrencies after giving investors a transition period to divest their holdings.

Dorsey jay africa indias

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:

— jack⚡️ (@jack) February 12, 2021

“It’ll be set up as a blind irrevocable trust, taking zero direction from us,” he said. He also shared an application form for three board members to oversee the fund.

Other details were scarce, though theapplication formnotes a “mission” to “make Bitcoin the Internet’s currency.”

Dorsey is a known Bitcoin evangelist.
Last week, hesharedthe news that he was “Running Bitcoin,” meaning that he’d set up a node.

In this newly deregulated market, government partnerships with agriculture blockchain startups to improve farmers’ income could go from benevolent to an exploitative nightmare.

More tech colonialism in Africa — For brevity’s sake, let’s steamroll past the blanket investment in a massive, multinational continent, and focus on Nigeria. Nigeria has led Africa in Bitcoin adoption, and the cryptocurrency fueled the nation’s #EndSARS protests last year.

Critics in the local legislature blame Bitcoin for the decreasing value of the Naira, and the government has plans for its own crypto ban.

These nations are dealing with political upheaval, and while Bitcoin might be a positive addition in the short term, introducing a volatile financial instrument could do more harm than good over time.

At the same time, the announcement comes when bitcoin is at an all-time high of $47,450 for a single Bitcoin, up $17,000 or so from just a couple of weeks ago.

While India might be planning to ban Bitcoin, the corporate world is starting to embrace it. Mastercard became the latest payment company to support cryptocurrencies, joining Dorsey’s Square and even traditional banks.

Telsa announced last week that it would accept Bitcoin in payment for its EVs, after buying up $1.5 billion in the cryptocurrency.

Cryptocurrencies are booming in African countries like Nigeria, as TechCrunch noted. They can provide a hedge against currency devaluation and even act as a reserve currency, an idea Kenya has said it would adopt.

Rapper Jay-Z and tech mogul Jack Dorsey are launching a roughly $24 million fund to help develop bitcoin.

The Brooklyn-born artist and the Twitter CEO are putting 500 bitcoin into an endowment called “₿trust,” Dorsey announced Friday.

The fund’s mission is to make bitcoin “the internet’s currency” and it will initially focus on aiding efforts to develop the cryptocurrency in India and Africa, according to Dorsey.

It will be set up as a blind irrevocable trust that will take “zero direction” from Dorsey and Jay-Z, who was born Shawn Carter, Dorsey said in a tweet.

Dorsey put out an open call for three board members to help oversee the trust. Anyone interested in applying just has to fill out a Google form with their name, email address and “proof of work.”

Dorsey is a longtime bitcoin fan.

Cryptocurrency offered protection against currency devaluation and for value exchange during cross-border transactions. Bitcoin is also useful for situations where the government shut down bank accounts.

India, however, might pose a problem regarding Bitcoin.

Bloomberg Quint reported that India has introduced a bill called The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, to the ongoing Budget session of Parliament.

It is possible that the 500 BTC in the irrevocable trust could help people in Africa (who are already using Bitcoin.) It might not work out so well in India if their government is ready to ban Bitcoin.

CNBC reported about the downside of Bitcoin. It has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist’s Bitcoin Energy Consumption Index.

Africa will define the future (especially the bitcoin one!).”

Of course, that move to Africa didn’t materialise given the extraordinary occurrence that 2020 turned out to be, but it looks like Dorsey is finally putting his money where his mouth is: Africa’s bitcoin future.

Today, Dorsey announced in a tweet that he has teamed up with famous music star and entrepreneur, Shawn Corey Carter (better known as Jay-Z), to commit 500 BTC (worth around USD 23.6 Mn at this time) to a new endowment named ₿trust to fund bitcoin development, with an initial focus on teams in Africa and India.

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.

Share post!

Leave a Reply

Your email address will not be published.