<p>Twitter co-founder and CEO Jack Dorsey says he and well-known rapper Jay-Z are giving 500 bitcoin to set a new endowment.</p> <p>Dorsey wrote in a Tweet on Friday that the new endowment, <a href="https://twitter.com/jack/status/1360114881978982403">called ₿trust</a>, is set to fund bitcoin development with an initial focus on teams in Africa and India. The 500 BTC is worth over $23.5 million at bitcoin's current prices.</p> <p>"It'll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start," Dorsey said while adding a board member application form.</p> <p>Dorsey is a known long-time supporter for bitcoin with "#bitcoin" as his Twitter profile. The new fund comes days after reports that Dorsey made a $1 million donation to U.S.-based crypto policy think tank Coin Center.</p> <p>Square Inc, which is also co-founded and chaired by Dorsey, <a href="https://www.theblockcrypto.com/post/80175/jack-dorsey-square-purchases-50-million-worth-of-bitcoin">purchased around 4,709 bitcoin</a> in last October with an aggregated cost of $50 million. </p> <p>The firm also has an ongoing Square Crypto Grant program to fund development of bitcoin-related technology and design.</p> <p>Over the past year, more than 10 companies, including crypto exchanges, tech startups and nonprofit organizations, launched similar programs. </p> <p>The Block <a href="https://www.theblockcrypto.com/daily/81629/crypto-companies-exchanges-bitcoin-developer-grants-coinbase">reported</a> at the time that these programs supported more than 25 developers and projects with an estimated $3.46 million. </p>