New Delhi: Amid the ongoing tussle between Twitter and the Indian government, micro-blogging platform CEO Jack Dorsey took a big step and teamed up with rapper Jay-Z to form a blind bitcoin (BTC) development trust. It will cost 500 BTC ($ 23.7 million i.e. 172 crore rupees).
Bitcoin trust created for India and Africa
The development trust, created by Jack Dorsey, CEO of micro-blogging app Twitter, will be for teams working in India and Africa. He has given the responsibility to the three members of the board to oversee this virtual trust, the message of which has been sent to the board members.
Jack Dorsey tweeted information
The Twitter CEO tweeted Jack Dorsey, saying, ‘Jay Z and I are giving 500 BTC to Beatrust to fund bitcoin development, which will initially focus on teams in Africa and India. Three board members will be needed to start and maintain this trust.’
Bitcoin reached new record level
This announcement was made by Twitter at a time when the price of bitcoin has risen significantly in a few months and set new records. According to data from CoinDesk, the price of bitcoin has reached a high of $ 48,925.53. In Indian rupees, the cost of a bitcoin is about 34 lakh rupees.