Jay Z, Jack Dorsey-backed firm buys Nigeria’s Qala
₿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.
Key Takeaways
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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