New Delhi, February 12: Jack Dorsey, the CEO and Co-Founder of Twitter, on Friday announced that he and US rapper Jay -Z are launching a new endowment trust by the name of Btrust and he will be giving 500 Bitcoin to the same. Dorsey added that the fund is aims towards Bitcoin development. Btrust will initially focus on the Indian and African markets, the Twitter CEO said in a tweet.

The endowment fund will be set up as a blind irrevocable trust, "taking zero direction from us," said Dorsey. He also mentioned that three board members are required to begin Btrust, while attaching a google form link for board member application in the tweet. As per the form shared by him,the mission of Btrust is to “make Bitcoin the Internet's currency.” Tesla Invests $1.5 Billion in Bitcoin, Price of Cryptocurrency Surges to $44,000.

Read the Tweet by Jack Dorsey Here: 

Dorsey has been a big supporter of cryptocurrencies and uses '#bitcoin' as if Twitter profile bio. He is also the co-founder and chairperson of Square Inc, a firm that funds development of bitcoin-related technology and design. The Twitter CEO recently made donation worth $ 1 Million to US-based crypto policy think tank,Coin Center. Bitcoin Price Hits Record-High of $45,000 After Elon Musk's Tesla Invested $1.5 Billion in Cryptocurrency.

Meanwhile, the Indian government is planning to ban all the private cryptocurrencies including Bitcoin. Its working on a bill reportedly titled, The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” that will prohibit the dealings in all private digital currencies in the country.

(The above story first appeared on LatestLY on Feb 12, 2021 05:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website