Twitter CEO Jack Dorsey has said that along with noted rap artist, Jay-Z, he will invest 500 bitcoins (approximately $23 million and over Rs 170 crore) in an endowment named '₿trust' to fund Bitcoin development, initially in India and Africa.

He has further stated in his tweet that this will be set up as a blind irrevocable trust taking zero directions from both the investors.

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

The Twitter CEO is a supporter of Bitcoin and has said he's passionate about the cryptocurrency.

It is noteworthy that recently, Twitter has been having a tiff with the Indian government regarding disagreements about blocking of certain accounts.

A couple of days back, on February 10, Reuters reported that Twitter posted solid results for the last three months of 2020, capping what CEO Jack Dorsey called “an extraordinary year" for the platform. New users signed on in large numbers to follow the world's events in real-time despite the challenges of election misinformation and intensifying calls to ban now-former President Donald Trump.

(Edited by : Abhishek Jha)

First Published:Feb 12, 2021 3:10 PM IST