Multi-industry disrupter JAY-Z is upping the stakes in his innovative entrepreneurial game with his new alliance with Twitter CEO Jack Dorsey.
According to a report from CNN Business, Hov and Dorsey are making a giant leap into the volatile world of Cryptocurrency, which has resulted in their search for board members to helm the multi-million dollar excursion. In a tweet on Friday (February 11), Dorsey announced the $23 million partnership with JAY-Z, along with a detailed description of the burgeoning digital currency financial operation.
“JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India,” he wrote in the tweet concluded by a Google drive link. “It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start.”
This isn’t Dorsey’s first endeavor with Cryptocurrency, as the social media buff already has Bitcoin (BTC) in his portfolio from a massive investment orchestrated by his other company Square. In October 2020 Square acquired 4,709 BTC, then valued at $50 million, and in 2018 the company integrated the legacy Cryptocurrency into their user-based payment service Cash App.
JAY-Z has also been making major money moves recently, also. For starters, his partnership with the NFL helped open the door for Roc Nation artist Alicia Keys’ $1 billion black business fund. Hov also launched his own cannabis brand, MONOGRAM, in 2020 and was dually named the Chief Visionary Officer for both Caliva and Left Coast Ventures Inc. following his partnership with Subversive Capital Acquisition Corp.