NewsJay-Z Backed Btrust Acquires African Bitcoin Talent Firm Qala

Jay-Z Backed Btrust Acquires African Bitcoin Talent Firm Qala

Now, it seems like the fund is delivering on that early promise. Forbes reports that Btrust has acquired Qala, a firm that trains Bitcoin developers and Lightning Network engineers in Africa. The acquisition also created an opportunity to rebrand Qala as the Btrust Builders Program. The two organizations can fill roles that each needs to continue being viable. Btrust needs structures to develop talent, and Qala needs capital, which Btrust has.

Qala’s CEO Femi Longe told Forbes its No. 1 goal was securing capital.
“The challenge is that generosity and sometimes opportunities in Bitcoin kind of tracks with the price of bitcoin just as hiring does, which is the second challenge we faced. So when there is a bear market, bitcoin companies tighten their buckles,” Longe explained.

Qala was created to function as a social enterprise and thus does not earn money; instead, it has relied on grants to stay afloat. However, to pay fellows who make it to the intensive portion of its fellowship, it needed the significant boost in capital that it would receive as part of Btrust.
Longe told Forbes, “We’ve gotten junior to mid-level talent, but how do you attract very senior developers to consider this a viable pathway? I believe with the resources we have access to as part of the trust, the opportunities and the pathways to experiment and explore more in that direction [getting senior talents] increases.”

Announcing the ₿trust board: @actuallyCarlaKC, @ihate1999, @obi, & @ojomaochai! I’m so grateful for you all and so inspired. 🧡⚡️🌍

Btrust Board member Ojoma Ochai announced their pleasure at the acquisition of Qala, telling Forbes, “We’re incredibly proud to welcome Femi and his excellent team to Btrust,” Ochai explained.

“With Qala’s extensive outreach and world-class programs, the organization has made rapid progress in driving open-source development in the Global South through the advancement of education within the region, which is heavily aligned with our core mission at Btrust.”
RELATED CONTENT: Jay Z Launches Venture Capital Fund to Invest in Startups

Source: Black Enterprise

Meet the Black Woman Making History as a Nurse Despite Being Wheelchair Bound

Nationwide — Meet Andrea Dalzell, an African American woman from New York City who became a Registered Nurse despite being wheelchair-bound since childhood. Andrea,...

Meet the Self-Taught Black Data Scientist Building Robot AI Smart Homes

Nationwide — Anade Davis is a 37-year-old African American Data Scientist with over 15 years of real estate experience. He started his career in...

94-Year-Old Grandmother Fulfills Her Dream of Wearing a Wedding Dress

Nationwide — At 94 years old, Martha Mae Ophelia Moon Tucker finally fulfilled her lifelong dream of wearing a wedding dress. This comes nearly...

Herb Alpert’s musical journey: A nostalgic performance

Herb Alpert’s recent performance was a beautiful walk down memory lane as audiences were treated to the oral history of his amazing career and...

Memorial Day weekend: A festive extravaganza in the DMV

Memorial Day weekend is where theatrics meet fun and creativity with this bundle of boastful events and exhibitions.  If you’re looking for a spot to...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Meet the Black Woman Making History as a Nurse Despite Being Wheelchair Bound

Nationwide — Meet Andrea Dalzell, an African American woman...

Meet the Self-Taught Black Data Scientist Building Robot AI Smart Homes

Nationwide — Anade Davis is a 37-year-old African American...

94-Year-Old Grandmother Fulfills Her Dream of Wearing a Wedding Dress

Nationwide — At 94 years old, Martha Mae Ophelia...

Newsletter

Don't miss

Meet the Black Woman Making History as a Nurse Despite Being Wheelchair Bound

Nationwide — Meet Andrea Dalzell, an African American woman...

Meet the Self-Taught Black Data Scientist Building Robot AI Smart Homes

Nationwide — Anade Davis is a 37-year-old African American...

94-Year-Old Grandmother Fulfills Her Dream of Wearing a Wedding Dress

Nationwide — At 94 years old, Martha Mae Ophelia...

Herb Alpert’s musical journey: A nostalgic performance

Herb Alpert’s recent performance was a beautiful walk down...