Twitter CEO Jack Dorsey and rap artist Jay-Z will invest 500 bitcoins (approximately Rs 174 crore) in an endowment to fund Bitcoin development with a focus on India and Africa in the beginning, Dorsey said on Friday.
"JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named Btrust to fund #Bitcoin development, initially focused on teams in Africa & India," the Twitter CEO said.
"It'll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start."
The announcement has come at a time when the Bitcoin value has surged dramatically over the past few months, setting new records.
The price of Bitcoin reached a high of $48,925.53 in the past 24 hours, according to data from CoinDesk.
However, the future of private cryptocurrency is still uncertain in India as the country is reportedly planning to introduce a bill to prohibit all "private cryptocurrencies".
Dorsey, who is also the CEO of payments company Square, made no secrets about his passion for Bitcoin.
He had earlier said that Bitcoin for him is like poetry and that he sees ample opportunity for Bitcoin to bring about a sea change in the world.