Jack Dorsey Updates On $28M Fund That Seeks To Make Bitcoin 'Internet's Currency:' What You Need To Know

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

What Happened: Dorsey said on Twitter early Tuesday that over 7,000 applications were reviewed for the blind irrevocable trust focused on Bitcoin development teams from Africa and India. 

Six candidates have been finalized for interviews and of this pool, the trust will pick 3 board members. 

We've been busy! We reviewed over 7,000 applications to get down to 6 candidates we're doing final interviews with soon. From that pool we choose 3 board members and we get going!

— jack (@jack) November 23, 2021

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

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Why It Matters: The trust’s three board members are mandated to “make Bitcoin the internet’s currency.”

The trust is funded to an extent of 500 BTC, valued at approx $28.3 million by Dorsey and Jay-Z.

Dorsey had said last year that the internet “wants a currency” and BTC was the “best manifestation of that thus far.”

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

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

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