According to a tweet from Jack Dorsey published on Friday, the Twitter CEO and artist Jay-Z will be giving 500 bitcoin to an endowment to fund Bitcoin development. 500 bitcoin is currently worth around $24 million, according to BTCTimes Bitcoin pricing data.
The fund, called Btrust, will be focused on providing funding for Bitcoin developers based in Africa and India. It will be set up as a "blind irrevocable trust," meaning those that funded it, in this case the artist and the chief executive, will not be directing where the bitcoin in the fund goes.
To run the trust, Dorsey will be looking to hire three board members. Anyone can apply for this position.
The Google Form application for this role asks for applicants' emails, names or pseudonyms, and work they have completed. The application does not ask for board members with a specific background of work.
Dorsey's tweet announcing this initiative has picked up steam on Twitter. The tweet has over 20,000 likes, along with thousands of retweets and comments.
Dorsey's initiative to start this trust doubles up on the chief executive's attempts to support Bitcoin development.
Square Crypto, which is the cryptocurrency-focused division of Dorsey's other company Square, supports Bitcoin developers and development companies in the space through grants.
As reported by the BTC Times in October, developers such as Riccardo Casatta have received grants from Square Crypto to drive forward the development of the Bitcoin network. Casatta is working on the Bitcoin Development Kit, a collection of tools and libraries that developers can utilize as a base for Bitcoin software. Square also supports Bitcoin Core developer Gloria Zhao.