Twitter CEO Jack Dorsey and musician Jay Z have teamed up in an unlikely couple to form ₿trust – a fund that will fuel the development of Bitcoin in India and Africa and find more everyday, regular use cases for digital currency should. The couple invested a total of 500 Bitcoin, which is roughly equivalent to Rs 172.5 billion, or $ 23.8 million, to create the foundation. Interestingly, Dorsey and Shawn Carter (Jay Z’s real name) have stated that they will not provide oversight or guidance to Bitcoin companies backed by ₿trust as to what leeway to work on the deployment and development of new technologies and for Bitcoin leaves platforms wide open that can bring Bitcoin and cryptocurrencies into everyday life.
One of the main goals of the wichtigstentrust is to tap into the vast Indian pool of developers to build and promote the use of regular Bitcoin applications. One of the biggest criticisms of Bitcoin and other popular cryptocurrencies has been the lack of everyday applications in which to apply them. This is what the ₿trust Fund is trying to answer, and with that comes one of the earliest formal validations of India’s potential as a major Bitcoin market.
The Trust Fund announcement comes as the Indian government is largely considering imposing a ban on private cryptocurrencies in the country and potentially establishing a centrally-advertised digital currency in the country. The past few weeks have been significant for Bitcoin after Tesla made a large $ 1.5 billion investment to raise bitcoins for its corporate reserve. The move signaled a significant point for cryptocurrencies worldwide and sparked talks against the biggest criticism of cryptocurrencies – volatility.
Recent trends have worked to find ways to use Bitcoin and other cryptocurrencies in everyday use cases. With this in mind, numerous Bitcoin Lightning startups are working with Visa and Mastercard to find ways to provide daily bitcoin usage. This is one of the key areas that Dorsey and Jay Z’s trust seem to be focusing on. Executives speaking with TechCrunch emphasized that India, which is regularly hailed as the main source for developers around the world, has the potential to find ways to expand cryptocurrencies beyond what is now largely partial bitcoin provisioning capabilities.
With that in mind, ₿trust would like to hire three board members to oversee how the trust of the fund is being used. In the future, it is imperative to observe how ₿trust is expanding its business activities and what support it is receiving and receiving from the Indian developer community. Dorsey’s Twitter is currently embroiled in a duel with the Indian government for allegedly failing to comply with a request to ban certain accounts, and while ₿trust is a completely independent entity, it remains to be seen whether its impact will also affect the Roman Bitcoin Trust .