Twitter CEO Jack Dorsey has always been a supporter of Bitcoin and has taken various steps to promote the development of the bitcoin network. His latest move in this regard is the creation of a blind Bitcoin development trust worth 500 BTC ($23.7 million), alongside rapper Jay-Z, for teams working on the project in India and Africa.
Dorsey made the announcement about the creation of the trust on February 12, hours after reports of a ban on all cryptocurrencies, while he was sending out a call for three board members to oversee the blind trust initially.
The trust has been named ₿Trust, and the application form for board members shared by Dorsey reveals the initiative’s mission statement, “Make Bitcoin the internet’s currency.”
It is interesting that the launch of this trust coincides with reports of a complete ban on cryptocurrencies and their uses within Indian borders. However, it is unclear whether the Twitter CEO timed this announcement to show his support for the developers and give them hope during these hostile times.
Jack Dorsey has been continually promoting the development of the bitcoin network. This is not his first donation for its development, as he has always backed the idea of bitcoin being the best currency of the internet.
Dorsey’s Square Inc promoting development
His most prominent step into the crypto world came with the foundation of Square Inc, an independent organization chaired by Dorsey, which solely focuses on contributing to the Bitcoin open-source work for the benefit of all.
Square crypto has been supporting the development of the Bitcoin network for a long time. Last year the company provided a $100,000 grant to BTCPay Server to support open-source BTC projects. It also supported a Spanish developer earlier this year building a FOSS Lightning Network watchtower called The Eye of Satoshi.
The firm also decided to dedicate $10 million to the Bitcoin Clean Energy Investment Initiative, the looks to “support companies that help drive adoption and efficiency of renewables within the bitcoin ecosystem.”
Dorsey himself is actively contributing to the bitcoin network. Last week, he revealed that he has been setting up a bitcoin node. As a part of the process, Dorsey has had to download all previously completed bitcoin transactions to bring his node on par with other existing nodes.