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October 4, 2022
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Jay-Z wants to launch a fund to accelerate Bitcoin adoption in Africa

Jay-Z is another famous to be actively involved with Bitcoin

Renowned rapper Jay-Z wants to launch a fund to accelerate the spread of Bitcoin in India and Africa in particular. The announcement was made by Twitter founder Jack Dorsey, who revealed that he and Jay-Z will donate 500 BTCs to ₿trust to finance its development.

It is a donation of around US $ 24 million, which should allow the initiative to start in the best way.

Jay-Z, whose real name is Shawn Corey Carter, is a New York rapper born in 1969 who is also a businessman, music producer and sports agent.

He holds the rapper record with the most Grammy awards (22), has been the producer of many famous singers, is president of Def Jam Recordings, Roc-A-Fella Records and Roc Nation, and owns the Tidal music streaming service. He is married to Beyoncé and, according to Forbes, is the second richest singer in the world.

Jay-Z has been involved with the crypto world since at least 2018, when he announced that one of his companies, Arrive Venture Capital, had invested in Robinhood. Although it is not known if the artist-entrepreneur has BTC, the fact that he and Jack Dorsey decided to donate 500 BTCs probably means that he has a lot.

₿trust will be a 500 BTC blind trust for the development and spread of Bitcoin in Africa and India, with the aim of funding developers working on BTC-related products there.

The mission statement is explicitly “making Bitcoin the currency of the internet”.

Three years ago, Dorsey asked Bitcoin to become the currency of the internet and is very committed to these developments.

Africa is proving to be a breeding ground for the spread of BTC recently, especially in countries where the local currency is very weak and inflated.

The situation is more complicated in India, where the government is once again trying to block the spread of cryptocurrencies. However, these attempts have already failed once, and it is not implausible that they will fail again.

Jay-Z has been involved in various philanthropic activities since 2003 and has donated several million dollars during his career to many charities.

Source: Cryptonomist

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