Fund’s objective is to expand Bitcoin’s capabilities and transform it into the currency of internet
Twitter CEO Jack Dorsey and rapper Jay-Z are putting 500 BTC to establish a new endowment to promote Bitcoin development.
Assembling a team is in progress. Initially the preference will be given to members in Africa and India. The fund also needs three board members to start off. Dorsey has posted a vacancy application in his Twitter account. Among the requirements is converting bitcoin into the internet currency. Last year Dorsey called bitcoin “the most viable internet-native currency”.
“I think the internet wants a currency and wants a native currency. And I think bitcoin is probably the best manifestation of that thus far. I can’t see that changing, given all the people who want the same thing and want to build it for the same potential,” said Dorsey.
Earlier, Square, a payment app owned by Dorsey, invested $50 million in bitcoin.
During the last year popularity of the first cryptocurrency has increased greatly, as reflected in its market price.
Institutional investors are also paying closer attention. Recently, two financial giants, Mastercard and US oldest bank BNY Mellon, stated about plans to work with bitcoin, while Ellon Musk’s Tesla invested $1.5 billion of its reserves into BTC purchase with subsequent proposal to accept cryptocurrency as payment.