Jay-Z has been making a lot of business endeavor as of late. The rapper recently launched his own brand of cannabis and signed on to a new at-home workout startup. But now, he’s linking up with Twitter and Square CEO Jack Dorsey for an innovative project. The two billionaires are set out on a new mission: to make Bitcoin the official currency of the internet.
Jay-Z and Dorsey have both invested $23 million in Bitcoin to start the development of cryptocurrency in other countries. Dorsey was the first to share the news, which he of course did on his Twitter page. “JAY-Z and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India,” he wrote. “It‘ll be set up as a blind irrevocable trust, taking zero direction from us.” Dorsey also added that they are looking for three board members and attached an application form to his tweet.
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: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
Dorsey and Jay-Z’s new Bitcoin program wouldn’t be the first time the two billionaires have worked together. Back in December, Bloomberg reported that Dorsey’s company Square was in talks to buy Jay-Z’s Tidal streaming platform. Purchasing the platform would be a way for Square to “diversify” their assets. It would also be potentially beneficial to Tidal, who have not released their year-end figures since reporting they had 3 million paying customers back in 2016.
Check out Dorsey’s announcement above.