Square Inc (NASDAQ:SQ) and Twitter Inc (NASDAQ: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.
Read Next: How To Buy Bitcoin (BTC)
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.
Read Next: Was Jack Dorsey Right? Hamster Coin Is Striking Major Gains Today Even As Ethereum And Dogecoin Slump
Join ZINGERNATION and earn ZING, an ERC-20 smart contract token we launched aimed to reward members as we build a community to find and share great trading and investing opportunities. Download the mobile app now, available on iOS and Android.
Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.
For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In:
$50 of crypto when you trade $500
*U.S. residents only*
eToro USA LLC; Investments are subject to market risk,
including the possible loss of principal.
$27 of crypto when you complete education
$25 in BTC when you deposit $100
2 free stocks when you make ANY deposit
© 2021 Benzinga | All Rights Reserved
Advertiser Disclosure: TD Ameritrade, Inc. and Accretive Capital LLC are separate, unaffiliated companies and are not responsible for each other’s services and products.
Editorial Disclosure: Reviews are as determined by Benzinga Money. Opinions expressed here are solely the author’s and have not been reviewed, approved or otherwise endorsed by reviewers.
