{"id":17679,"date":"2021-02-12T18:21:05","date_gmt":"2021-02-12T18:21:05","guid":{"rendered":"http:\/\/ci027cfe6fc0102697"},"modified":"2021-02-12T18:21:05","modified_gmt":"2021-02-12T18:21:05","slug":"jack-dorsey-jay-z-launch-bitcoin-development-endowment","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/jack-dorsey-jay-z-launch-bitcoin-development-endowment","title":{"rendered":"Jack Dorsey, Jay-Z Launch Bitcoin Development Endowment"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitcoin-is-necessary-and-circular.png\" title=\"\"><\/figure>\n<p>Earlier today, <\/p>\n<p>JAY-Z\/<a href=\"https:\/\/twitter.com\/S_C_?ref_src=twsrc%255Etfw\" target=\"_blank\" rel=\"noopener\">@S_C_<\/a> and I are giving 500 BTC to a new endowment named \u20bftrust to fund <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%255Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> development, initially focused on teams in Africa &amp; India. It\u2018ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: <a href=\"https:\/\/t.co\/L4mRBryMJe\">https:\/\/t.co\/L4mRBryMJe<\/a><\/p>\n<p>\u2014 jack (@jack) <a href=\"https:\/\/twitter.com\/jack\/status\/1360114881978982403?ref_src=twsrc%255Etfw\" target=\"_blank\" rel=\"noopener\">February 12, 2021<\/a><\/p>\n<p>&#8220;&gt;Twitter CEO Jack Dorsey announced a partnership with hip-hop mogul and billionaire Sean Carter, aka Jay-Z, to create a Bitcoin development endowment focused initially on teams in India and Africa.&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JAY-Z\/@S_C_ and I are giving 500 BTC to a new endowment named \u20bftrust to fund <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> development, initially focused on teams in Africa &amp; India. It\u2018ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: <a href=\"https:\/\/t.co\/L4mRBryMJe\">https:\/\/t.co\/L4mRBryMJe<\/a><\/p>\n<p>&mdash; jack (@jack) <a href=\"https:\/\/twitter.com\/jack\/status\/1360114881978982403?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">February 12, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The endowment will be called the \u201c\u20bftrust\u201d and the pair will be bootstrapping it with 500 bitcoin, currently valued at more than $23 million. \u20bftrust is currently recruiting three board members, which Dorsey is soliciting through the relatively informal platform <a href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLSfeVOqGXuKQgE2_mgB1UVM7H_1gwpM6I4j-DDBcdOfxzyJnTg\/viewform\" target=\"_blank\" rel=\"noopener\">Google Forms<\/a>.&nbsp;<\/p>\n<p>The board member application has a simple message at the top: \u201cmission: make bitcoin the internet&#8217;s currency.\u201d It can be filled pseudonymously and it asks candidates to simply submit a freeform written description of their credentials, under a field titled \u201cproof of work.\u201d<\/p>\n<p>While details still remain scarce, one important factor to note at this point is that the endowment is being set up as a blind, irrevocable trust. In other words, Dorsey and Carter will have no say in how the endowment operates.&nbsp;<\/p>\n<p>The fact that this investment is focused partially on Africa should not come as a surprise, as Dorsey has visited the continent several times, even making public plans to move to Africa in 2020, before the world was brought to a halt by the COVID-19 pandemic.<\/p>\n<p>Dorsey\u2019s digital payments company, Square, has <a href=\"https:\/\/bitcoinmagazine.com\/articles\/for-square-crypto-the-way-to-bitcoin-mass-adoption-is-open-source\">also worked to fuel Bitcoin development<\/a> with grants through its cryptocurrency-focused division, Square Crypto.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Twitter CEO and hip-hop mogul are fueling the endowment, called \u20bftrust, with 500 BTC and it\u2019s currently seeking three board members.<\/p>\n","protected":false},"author":2535,"featured_media":17680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[158,2115,598,695,681,2226],"class_list":{"0":"post-17679","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-culture","8":"tag-bitcoin-development","9":"tag-btrust","10":"tag-endowment","11":"tag-funding","12":"tag-jack-dorsey","13":"tag-jay-z"},"author_data":{"id":2535,"name":"Joe Rodgers","nicename":"joerodgers","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitcoin-is-necessary-and-circular.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/17679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2535"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=17679"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/17679\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/17680"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=17679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=17679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=17679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}