Famous Bitcoin supporter Jack Dorsey, CEO of Twitter and Square, announced that he and US rapper Jay-Z (Shawn Corey Carter) have decided to set up a new donation fund that will focus on developing Bitcoin.

Dorsey said on Friday that the new donor fund is ready to fund Bitcoin development, initially focusing on teams in Africa and India. The 500 BTC, donated by the two names in the first place, has a value of over $ 23.5 million in Bitcoin’s current prices.

“We need 3 board members to get started,” said Dorsey, adding a board member application form to his statement. Dorsey also stressed that neither he nor Jay-Z would give any instructions to the teams to follow.

Dorsey is a long-known Bitcoin supporter. The new fund comes days after the news that Dorsey donated $ 1 million to US-based crypto policy think-tank Coin Center. Also founded by Dorsey, Square Inc bought about 4,709 Bitcoins last October at a total cost of $ 50 million. The firm also has an ongoing Square Crypto Grant program to fund the development of Bitcoin-related technology and design. Over the past year, many companies have launched similar programs, including crypto exchanges, tech startups, and nonprofits.

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