Twitter co-founder and Block CEO Jack Dorsey and rapper Shawn "Jay-Z" Carter are teaming up to launch the Bitcoin Academy, an educational program designed to teach participants about financial literacy and the world's largest cryptocurrency.
The free classes, which will be offered in-person and online from June 22 through Sept. 7, are exclusively available to residents of Brooklyn New York's Marcy Houses complex, where Jay-Z grew up. The Bitcoin Academy plans to eventually expand to other neighborhoods in the future.
The in-person classes will be hosted two evenings per week and serve participants dinner. A "Crypto Kids Camp" program will also take place on two Saturdays for Marcy kids and teens ages 5 through 17. The academy will provide participants with MiFi devices and a one-year limited data plan, plus smartphones if needed.
A spokesperson for the Bitcoin Academy confirmed to FOX Business that the curriculum will include topics such as "What is Money?," "What Is Cryptocurrency?," "What is Blockchain?" and "How to Keep Yourself Safe from Scammers."
The Bitcoin Academy is made possible through grants from Dorsey and Jay-Z and on-the-ground support from Block and the Shawn Carter Foundation. It is designed in collaboration with Crypto Blockchain Plug and Black Bitcoin Billionaire.
"Bitcoin is becoming a critical tool for many in Africa and Central and South America. We believe the same potential exists within communities in the US," Dorsey tweeted along with a link to the academy's official website. "Our goal is to prove that making powerful tools more available to people enables them to build greater independence."
"The Shawn Carter Foundation has always been about providing educational access and opening doors of opportunity to underserved communities. No one should be left out or behind," Jay-Z's mother Gloria Carter added in a statement posted to Instagram. "We truly appreciate the partnership with Block and Jack Dorsey to bring financial, specifically Bitcoin education to the Marcy residents, where I spent many years raising my family. Everyone should be empowered to make informed financial decisions in order to take care of themselves and their families."
The academy's launch comes amid a volatile time for the cryptocurrency market.
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Cryptocurrency exchange Gemini recently cut its staff by 10% as it braces for a "crypto winter", or a "contraction phase settling into a period of stasis." Meanwhile, Coinbase has extended a pause on hiring and has started rescinding some accepted job offers.
Bitcoin has bounced between an all-time high of $68,990.90 per coin in November 2021 and a 52-week low of $25,402.04 per coin in May. It is currently trading above the $28,000 per coin level as of the time of publication.