JAY-Z AND TWITTER CHIEF JACK DORSEY START BITCOIN FUND

Hip hop mogul Jay-Z and Twitter boss Jack Dorsey are starting a Bitcoin fund together, Deutsche Presse-Agentur (dpa) reported.

Dorsey announced on Twitter Friday that the pair would put in 500 Bitcoin - worth around $24 million - as starting capital.

The fund is to finance Bitcoin projects, initially with a focus on development teams in Africa and India. Dorsey and Jay-Z are looking for further partners and intend to set up the endeavor as a "blind irrevocable trust" that neither of them can actively direct.

Alongside Twitter, Dorsey is the head of the payment product company Square, which he has long used to promote the development of cryptocurrencies.

In October 2020, Square made a huge investment in Bitcoin.

The oldest and best-known cryptocurrency had a big week. On Monday it was revealed that Elon Musk's electric car company Tesla had bought around $1.5 billion in Bitcoin and would start accepting the cryptocurrency as payment.

Afterwards, Mastercard said it would accept cryptocurrencies into its payment network.

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