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Dorsey announced on Friday by tweet that the two would use 500 Bitcoin as start-up capital, which currently corresponds to almost 24 million dollars (20 million euros).
The fund should finance Bitcoin projects, initially with a focus on development teams in Africa and India. Dorsey and Jay-Z are still looking for partners and have no plans to guide the foundation in the future. It is designed as a so-called blind trust so that the two of them cannot actively manage it.
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> In addition to Twitter, Dorsey also heads the payment service Square, with which he has been promoting the development of crypto currencies for a long time and invested in Bitcoin on a larger scale in October 2020. The oldest and most well-known cyber currency had a great week – on Monday it became known that Elon Musk’s electric car maker Tesla had bought Bitcoin worth around 1.5 billion dollars and will accept the crypto money as payment in the future.
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