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Arthur Hayes’ Maelstrom fund has launched a new Bitcoin grant program aimed at advancing the technical development of the world’s first blockchain network, Bitcoin. This initiative seeks to foster innovation within Bitcoin-native DeFi, or BTCFi.
Arthur Hayes’ Bitcoin Grant Program Details
Maelstrom’s grant program will offer developers grants ranging from $50,000 to $150,000 on a 12-month basis, with the possibility of grant stacking up to $250,000 per individual developer. The program is designed to support Bitcoin open-source developers, further promoting the network’s development.
According to the announcement:
“The objective of the program is to help with the technical development of Bitcoin and enhance its resilience, scalability, censorship resistance, and privacy characteristics. “We have the capacity to support Bitcoin developers and are committed to an open and transparent grant process.”
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Maelstrom, led by CIO Arthur Hayes, is a family office fund investing in decentralized technologies. Hayes is a prominent crypto entrepreneur and the former CEO of the BitMEX cryptocurrency exchange.
Grant Application and Issuance
The grants will be issued for 12 months in Bitcoin, Circle’s USD Coin, and Tether USD. Developers who receive grants will be expected to contribute to Bitcoin’s technical development, including pull requests or review work for the Bitcoin Core software project.
Applications for the grant can be submitted until August 25, and grants are expected to be awarded during the third or fourth quarter of 2024. This initiative comes at a time when interest in Bitcoin development has been reignited by the U.S. spot Bitcoin exchange-traded funds (ETFs) and the 2024 Bitcoin halving that occurred in April.
This grant program by Maelstrom could invite more innovation and strengthen the Bitcoin network by attracting dedicated developers who are passionate about enhancing Bitcoin’s resilience, scalability, censorship resistance, and privacy characteristics.
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