Twitter CEO Jack Dorsey and musician Jay Z have come together as an unlikely pair to form ₿trust – a fund that aims to promote the development of Bitcoin in India and Africa, and find more everyday, regular use cases for digital currencies. The pair have invested a total of 500 Bitcoin, which is about Rs 172.5 crore or $23.8 million, to create the endowment. Interestingly, Dorsey and Shawn Carter (Jay Z’s real name) have stated that they will not be lending oversight or guidance into Bitcoin ventures that will be supported by ₿trust, leaving wide open the scope for work on Bitcoin deployment and development of new technologies and platforms that can bring Bitcoin and cryptocurrencies into the everyday fold.
One of the key things that the ₿trust aims to do is tap into India’s massive developer pool, to help build and promote the use of regular applications of Bitcoin. Despite being in news for its meteoric rise in value, one of the biggest criticisms of Bitcoin and other popular cryptocurrencies have been the lack of everyday applications where they can be applied. It is this that the ₿trust fund aims to answer, and with this comes one of the earliest formal validations of India’s potential as a major Bitcoin market.
The ₿trust fund’s announcement comes as the Indian government is largely considering the imposition of a ban on private cryptocurrencies in the country, and possibly establish a centrally promoted digital currency in the country. The past few weeks have been momentous for Bitcoin, after Tesla made a major $1.5 billion investment to pick up Bitcoins for its corporate reserve. The move signalled a significant point for cryptocurrencies worldwide, raising conversations against the biggest criticism of cryptocurrencies – volatility.
Recent trends have been working on finding ways for the use of Bitcoin and other cryptocurrencies in everyday use cases. Numerous Bitcoin Lightning startups, on this note, are working with Visa and Mastercard to find ways to deploy everyday Bitcoin usage, which is one of the key areas that Dorsey and Jay Z’s ₿trust will apparently focus on. Executives speaking to TechCrunch highlighted how India, regularly hailed as a major source of developers around the world, hold potential to find ways to make cryptocurrencies expand beyond the largely bit-part ways of Bitcoin deployment that exist today.
₿trust, on this note, is looking to hire three board members who will oversee how the fund’s trust will be used. Going forward, what will be imperative to observe is how ₿trust grows its operations, and the support it extends and receives from the developer community of India. Dorsey’s Twitter is presently embroiled in a face-off with the Indian government already for allegedly failing to comply with a request to ban certain accounts, and although ₿trust is an entirely unrelated entity, it remains to be seen if the latter’s effect comes to interfere with the novel Bitcoin trust as well.