Twitter and Square CEO Jack Dorsey and rapper Jay Z have created an endowment to fund bitcoin development initially in Africa and India, Dorsey said Friday. From a report: The duo is putting 500 bitcoin, which is currently worth $23.6 million, in the endowment called Btrust. The fund will be set up as a blind irrevocable trust, Dorsey said, adding that the duo won’t be giving any direction to the team. Btrust is looking to hire three board members. The mission of the fund is to “make bitcoin the internet’s currency,” a job application describes. Government in India has so far been reluctant to embrace bitcoin and other cryptocurrencies. Friday’s move comes as New Delhi is inching closer to introduce a law that would ban private cryptocurrencies in the nation. It is also looking to create its own digital currency.

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Source: Slashdot – Jack Dorsey and Jay Z Invest 500 BTC To Make Bitcoin ‘Internet’s Currency’