Dorsey announced on Twitter that the two men would be raising 500 Bitcoins worth about $ 24 million – in initial capital.
The fund aims to finance Bitcoin projects, with an initial focus on development teams in Africa and India.
Dorsey and Jay-Z are looking for other partners and intend to create the project as an “absolute, irrevocable investment fund” neither of which can effectively manage it.
The oldest and most popular cryptocurrency achieved huge success over the past week. On Monday, it was revealed that Elon Musk’s electric car company, Tesla, has bought about $ 1.5 billion in Bitcoin and will begin accepting cryptocurrency as payments.
After that, Mastercard said it would accept cryptocurrencies in its payment network.
Twitter’s stock taking off
And Bloomberg News indicated that the stock is currently trading at its highest level since December 2013 and is nearing its highest level ever.
According to the German news agency, the share price of the micro-blogging site rose during the last ten days by about 40%, after the company announced that it achieved revenues during the fourth quarter of last year that exceeded expectations.
Earlier this week, the company, Moovit Nathan Sun, raised its Twitter stock rating thanks to the company’s revenue growth.
On Tuesday, the company “Twitter Inc.” announced an increase in its net profits during the fourth quarter of last year, compared to the same period of the previous year.
The share price of the American company that runs the social networking site Twitter rose in trading Friday by 4.4%, to continue its rise for the tenth consecutive day.
The company’s total profits during the fourth quarter of last year amounted to $ 222.12 million, representing $ 0.27 per share, compared to $ 118.77 million, representing $ 0.15 per share during the same period of the previous year.
The company’s profits, after excluding non-recurring items and placing the variables in the account, amounted to $ 313.03 million, equivalent to $ 0.38 per share.
The company’s revenues increased during the fourth quarter of last year by 27.7% annually to $ 1.29 billion, compared to $ 1.01 billion in the previous year.