The CEO of Twitter Jack Dorsey and Hip-Hop star Jay-Z set out to support Bitcoin development projects in Africa and India.

Jack Dorsey posted a tweet today that he and Jay-Z will set up an endowment fund called ₿trust, where 500 BTC worth $23.5 million at current prices will be given to Bitcoin project developers in Africa and India to help them.

“JAY-Z/ @S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India,” he tweeted.

Dorsey said that ₿trust will be set up ‘as a blind irrevocable trust’ without any interference on the project from the funders.

He further announced vacancies for three board members to join and help drive the mission of the fund stated on the application form – ‘make bitcoin the internet’s currency.’

The current price of bitcoin is $47,665.46, climbing up by 3.15% in the last 24 hours. Bitcoin has a current market cap of $887.82B and market volume of $69.20B. In the last 24 hours, bitcoin has dropped to $45,935.04 and experienced a $48,925.53 high.  Currently, 18,626,631.25 bitcoins are in circulation.

Stats and Image from Coin Desk

This announcement came after the report that the Indian government has given crypto investors a 3-6 months’ grace to liquidate their crypto investment due to impending crypto ban in the country.

Also, last Friday, the Nigerian government through the Central Bank of Nigeria sent a directive to all banks, ordering them to shut down accounts of cryptocurrency users.