Twitter chief Jack Dorsey has said he and rap mogul Jay-Z are creating a fund devoted to making bitcoin digital money “the internet’s currency.”

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.

“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.

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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.

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