Maelstrom, the crypto venture capital firm led by BitMEX co-founder Arthur Hayes, is stepping up to support the developers behind Bitcoin. Today, they unveiled a grant program specifically designed to bolster Bitcoin’s technical development and enhance its core functionalities.
Giving Back to the Foundation
Maelstrom acknowledges the critical role open-source Bitcoin developers play in the entire cryptocurrency ecosystem. “We are therefore keen to give back and donate to the Bitcoin technology,” their website states. This grant program signifies Maelstrom’s commitment to nurturing the foundation upon which the crypto world is built.
The program aims to address several key areas for Bitcoin. Grant recipients will be expected to contribute to Bitcoin’s technical development, potentially through code reviews and contributions to the Bitcoin Core software project. This focus ensures the grants directly impact Bitcoin’s resilience, scalability, censorship resistance, and privacy – all crucial aspects for its continued success.
Maelstrom’s grant program offers developers significant financial support. Individual grants range from $50,000 to a maximum of $150,000, distributed in monthly installments over a 12-month period. The program allows flexibility in terms of cryptocurrency selection, with payouts available in Bitcoin (BTC), USD Coin (USDC), or Tether (USDT).
Also Read: OKX Wallet Hits 100th Blockchain Integration, Adding Support for The Open Network (TON)
Application Process and Timeline
Aspiring Bitcoin developers have until August 25th, 2024 to submit their applications for the Maelstrom grant program. The selection process will then unfold, with successful applicants receiving their awards sometime in Q3 or Q4 of this year.
Beyond the developer grant program, Maelstrom actively participates in the broader DeFi space. Hayes’ family office, which steers Maelstrom, makes venture-stage investments ranging from $100,000 to $250,000 in promising early-stage DeFi projects. Their portfolio boasts names like modular network project Elixir, synthetic dollar protocol Ethena, and the Bitcoin trading app Oyl.
This latest initiative by Maelstrom highlights their commitment to fostering innovation and growth within the cryptocurrency landscape. By supporting Bitcoin developers, they contribute to a stronger foundation for the entire industry.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
