Bitcoin’s gala time got bigger and better as Twitter CEO Jack Dorsey and rap artist Jay-Z has announced that they will establish a bitcoin development fund.

Dorsey in his tweet said that the duo is taking applications for a ‘blind irrevocable trust’ focused on Africa and India.

“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. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start,” Dorsey said in a tweet on Friday.

The announcement has come at a time when the Bitcoin value has surged dramatically over the past few months, setting new records.

The price of Bitcoin reached a high of $48,925.53 in the past 24 hours, according to data from CoinDesk.

In the last few years, Dorsey has actively participated in Bitcoin. In October last year, his company Square purchased 4,709 bitcoins for an amount of $50 million at that time. Prior to that, his company in 2018 expanded its mobile service cash app to support bitcoin trading, even for the users who do not have a bank account.

Earlier, Dorsey had also said that Bitcoin for him is like poetry and that he sees ample opportunity for Bitcoin to bring about a sea change in the world.

While the western world is moving to grab as much profit as it can from cryptocurrencies, the future of these digital currencies is still uncertain in India as the country is reportedly planning to introduce a bill that prohibits all “private cryptocurrencies”.