Since the boom of the cryptocurrency space, several crypto giants and exchanges have resorted to funding, partnerships, and supports of all sorts to cope with the growing demands of the space, which has become one of the most preferred investment grounds for many recently.
The cryptocurrency space’s current market size is projected to triple by the end of 2021, a major reason why these firms have to start upgrading their service. However, in a new report on social media, popular crypto enthusiast and influencer Jack Dorsey have announced he and Legendary rapper and Music Mogul, Jay-Z, have set aside about $23 million for a new Bitcoin development fund to thrive upon.
The new Bitcoin trust will provide crypto exposure in Africa and India
Jack Dorsey doubles as the Co-founder and CEO of Twitter and payment giants Square. Many individuals on social media would mistake the tech guru as the Crypto exchange owner considering his staunch belief and advocacy of Bitcoin. He has been public influencing on his social media page for a while now.
To the delight of his followers, he announced yesterday that he has partnered with fellow Bitcoin lover and rapper Jay-Z to launch a Bitcoin trust called ₿trust. In Jack’s post, he affirmed that both businessmen had set aside 500 Bitcoins, estimated to be about $23 million in today’s prices, to actualize this ambition.
₿trust, as explained by Jack Dorsey, will act as a bitcoin guide and cater to the development of Bitcoin in areas less exposed to the cryptocurrency like Africa and India. In his official statement, Jack had also declared that a requirement of three board members is what the trust needs at the moment to begin operations, as the investor had placed out forms to the public.
What is the aim of ₿trust?
The cryptocurrency world is patiently waiting to see everything that ₿trust currently offers, as enthusiasts are awaiting its launch. In Jack Dorsey’s statement, he believes the trust will attend to Bitcoin development issues in Africa and then India before it starts to touch other parts of the world.
Africa has been one of the few places in the world where the adoption of cryptocurrencies like Bitcoin has continued to stall. A few countries like Kenya, Botswana, Ghana, Nigeria, South Africa, and Zimbabwe have fully embraced the cryptocurrency culture. Unfortunately for Nigeria, one of the leading countries in the continents with major crypto exchanges and services, its Central Bank had recently placed a ban on buying cryptocurrencies with the local currency Naira.
This move has dealt a massive blow to the development of cryptocurrency in the country and Africa in general, a region to which Jack Dorsey is fully committed. The general belief of the public is that ₿trust will bridge the gap between cryptocurrency appreciation and Africa.