Jay Z, Jack Dorsey-backed firm acquires Nigeria’s Qala
1 min Read September 12, 2023 at 11:13 AM UTC
- ₿trust, a non-profit organization funded by Block CEO Jack Dorsey and rapper Jay-Z to decentralize the development of Bitcoin software, has announced its acquisition of Qala.
- Qala, founded in 2021, sources, trains, and matches African software developers and engineers with leading Bitcoin companies from across the world.
- The deal, which was completed this month, will see Qala rebrand as the ₿trust Builders Programme, to strengthen ₿Trust’s mission to drive the development and education of Bitcoin open-source engineers from across the Global South.
The deal represents a strategic merger as it offers both parties a chance to bring their joint vision of advancing Bitcoin development in Africa to fruition. Btrust, having been initially endowed with 500 BTC (around $13 million currently), has the financial muscle but lacks the organizational framework to nurture the African Bitcoin talent pool, resorting to issuing grants to fulfill its mission. Conversely, Qala—being a social enterprise—possesses the infrastructure but lacks the sustainable resources to achieve this goal and has had to rely on grants from organizations.
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