The BTrust is a fund with 500 BTC capital base worth N10,014,265,775.40 ($24,426,230), when pegged to late Monday’s market price $48,815.35, and will be managed by four Africans, without oversight from Dorsey or Jay Z.
In a statement on his Twitter page on Wednesday, December 15, Dorsey announced the leaders of the Bitcoin trust fund devoted to bitcoin development “in Africa and India”.
The Nigerians appointed into the Bitcoin trust fund are Abubakar Nur Khalil, Obi Nwosu, Ojoma Ochai, and South African, Carla Kirk-Cohen.
Dorsey said a team selected the four developers from a pool of 7,000 applicants, noting that the four persons have worked to promote bitcoin development across Africa.
He said, “Announcing the? trust board: @actuallyCarlaKC @ihate1999 @obi @ojomaochai
! I’m so grateful for you all and so inspired.
“They’ll now work towards defining the operating principles as they think about how to best distribute the 500 bitcoin towards development efforts.
“(will update this with any accounts they create to share updates going forward…)
“(and a MASSIVE thank you to the working team that made this happen. 7,000 applications to these incredible 4, all reviewed with purpose and rigor)”.
— jack⚡️ (@jack) December 15, 2021
This comes a few weeks after Jack Dorsey revealed that he will be replaced by the chief technical officer, Parag Agrawal, as the new Twitter CEO.