Jack Dorsey Provides Update on $ 28 Million Fund Seeking to Make Bitcoin the “Internet Currency”: What You Need to Know – Bitcoin – United States Dollar ($ BTC)

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Square Inc (NASDAQ: SQ) and Twitter Inc (NASDAQ: SQ) CEO Jack Dorsey provided an update on the $ 28.3 million trust he is setting up with rapper Jay-Z.

What happened: Dorsey said on Twitter early Tuesday that more than 7,000 applications had been vetted for the blind and irrevocable trust focused on Bitcoin development teams in Africa and India.

Six candidates have been finalized for interviews and from this pool the trust will choose 3 members of the board of directors.

We have been busy! We examined more than 7,000 applications to arrive at 6 candidates with whom we will soon be doing the final interviews. From this pool, we choose 3 members of the board of directors and here we are!

– jack (@jack) November 23, 2021

The trust, first announced in February this year, will not receive any instructions from Dorsey or Jay-Z, also known as Shawn Corey Carter.

Read more: How to buy Bitcoin (BTC)

Why it matters: The three members of the board of directors of the trust are mandated to “make Bitcoin the currency of the Internet”.

The trust is funded to the tune of 500 BTC, valued at around $ 28.3 million by Dorsey and Jay-Z.

Dorsey had said last year that the internet “wanted a currency” and that BTC was the “best manifestation yet”.

In July, Dorsey announced that Square was working on a new open source fintech platform whose primary goal was to facilitate “non-custodial, unauthorized and decentralized financial services.”

Last month, Dorsey said Square was looking to build a custom Bitcoin mining system on silicon and that it would be open source for businesses and individuals.

Read more: Was Jack Dorsey Right? Hamster Coin Records Major Gains Today Even As Ethereum And Dogecoin Crash

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