Jack Dorsey and Jay Z invest $23.6 million to fund Bitcoin development – TechCrunch

Dorsey said on Friday that Twitter and Square CEO Jack Dorsey and rapper Jay Z had made arrangements to fund bitcoin development initially in Africa and India.

Is a couple 500 bitcoins, Which currently has $ 23.6 million in endowment called milliontrust. The fund will be set up as a blind irrevocable trust, Dorsey said.

Rusttrust has to appoint three board members. The fund’s mission is “to make bitcoin the currency of the Internet,” a job application describes.

The government in India has so far been reluctant to embrace bitcoin and other cryptocurrencies. Friday is New Delhi’s day Getting closer to bringing a statute that would prohibit private cryptocurrency In the nation.

“Even though India is the software development capital of the world, we have not contributed to bitcoin core development in any significant way,” Varun Deshpande told Onjuno, Which is building a digital banking platform from India for TechCrunch for Asian Americans.

“India always had the skills to contribute but lacked the right incentives. Today’s initiative is even more important because it provides the right incentive for developers from the world’s largest democracy to contribute and has a saying in Bitcoin’s protocol development and brings a variety of ideas into shaping the future of money is. Ironically, as India prepares a bill to ban bitcoin in India, the world is turning to our vast technological talent in India to secure and protect the bitcoin network. “

On the other hand, Africa, especially Nigeria, has experienced an increase in cryptocurrency transactions in recent years. Last year, Nigerians traded more than $ 500 million of cryptocurrencies on major local crypto exchanges, and the country is Second only to america In terms of the amount of bitcoins traded in the last five years.

Africans trading cryptocurrencies rely on them as they provide protection against currency devaluation and for value exchange during cross-border transactions. In Nigeria, bitcoin trading became the biggest event for the country during the #EndSARS protests last year. When donations started coming in from all parts of the country and for NRIs to protest, the government closed the bank accounts used for the effort. But bitcoin became a lifeline, keeping the crowdfunding activities alive.

Since then, there have been growing concerns that the government’s intention was to regulate cryptocurrencies in the country. Last week, those doubts were realized as the country’s top bank directed banks and financial institutions to deal with cryptocurrencies or facilitate payments for cryptocurrency exchange platforms.

Dorsey has long supported the adoption of cryptocurrency. category Already supports bitcoin And last year Acquired about $ 50 million worth of bitcoin For its corporate coffers, and Twitter is studying the potential use of bitcoin to pay its employees and vendors.

In an interview with Earlier this week, CNBC, Chief Financial Officer of Twitter Ned Sehgal said, “We’ve put a lot of advance thinking into how we can pay employees should they ask to pay in bitcoins if they ask the seller to How to make payment? [paid] In bitcoin and whether or not we should have bitcoin on our balance sheet. This is something we continue to study and observe, we want to be thoughtful over time, but we have not made any changes yet. “

Many high-profile industry executives have called for nations to embrace bitcoin. Balaji Srinivasan, an angel investor and entrepreneur who previously worked as chief technology officer of Coinbase, made a case for him earlier this month Why India should embrace bitcoin.

“India has the talent to pull it off. Such a move would create international headlines, attract global support from the world’s technologists and financiers, isolate India from increasingly zero economic policies pushed by the US and China, and land the country in a trillion-dollar industry. Will be placed at the forefront, ”he wrote, envisioning a possible unblocking bitcoin for India.

Meanwhile, the Central Bank of Kenya said this week that it would use bitcoin as a reserve currency amid the volatility of the Kenyan shilling against the dollar. Last year, the country was ranked second to Nigeria in bitcoin trading in Africa. Dorsey’s plan is to visit the continent in 2019 when, after a meeting with key political and technical stakeholders, a startling reference to the continent’s budding cryptocurrency use. “Africa will define the future (especially the bitcoin one!),” He said at the time.