• Saturday, July 24, 2021
India Corona Update 
Total Fatalities 419,470
Total Cases 31,293,062
Today's Fatalities 483
Today's Cases 35,342
Pakistan Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Sri Lanka Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Bangladesh Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
UK Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
India corona update 
Total Fatalities 419,470
Total Cases 31,293,062
Today's Fatalities 483
Today's Cases 35,342

Business

Bitcoin gets £17.2m backing from Twitter’s Dorsey and Jay-Z

Photo: iStock

By: PramodThomas

TWITTER CEO Jack Dorsey and rapper turned business mogul Jay Z have paired up to invest £17.2 million ($23.6m)  into a trust designed to fund Bitcoin development around the world.

Dorsey, who is also founder and chief of financial services and mobile payments firm Square, said in a tweet that he and Jay-Z are giving 500 bitcoin to fund an independent endowment called “Btrust.”

That amount of the cryptocurrency was worth about $24 million on Friday(12).

Initially the trust would focus on Africa and India and it would operate without their oversight. Btrust’s mission was to “make bitcoin the internet’s currency”, according to an application form for prospective board members, reported The Telegraph.

“It will be set up as a blind irrevocable trust, taking zero direction from us,” Dorsey said, adding that the fund would initially focus on bitcoin development teams in Africa and India.

He said three board members were being sought, adding a link to an online application that stated the mission is to “make bitcoin the internet’s currency.”

Launched in 2009, bitcoin has been on a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

Tesla this week announced a $1.5 billion investment in the digital money and plans to accept the cryptocurrency from customers buying its electric vehicles.

The announcement came on the heels of a cheeky social media embrace of bitcoin by Tesla CEO Elon Musk, who temporarily changed his Twitter bio to simply read “#bitcoin.”

On Friday, Canada’s main securities regulator cleared the launch of the world’s first exchange-traded bitcoin fund, giving retail investors greater access to the booming cryptocurrency.

Skeptics say bitcoin is highly volatile and regulators warn it is vulnerable to illicit use.

Bitcoin on Friday touched a new high of $48,930 after MasterCard and US bank BNY Mellon moved to make it easier for people to use the cryptocurrency.

Eastern Eye

Related Stories

Eastern Eye

Videos

Tanya Maniktala on Chutzpah, long distance relationship, life after A…
Varun Sharma on Chutzpah, shooting during the pandemic, Cirkus, Fukrey…
Sidharth Malhotra’s Shershaah to release on Amazon Prime Video on…