Mon. Jul 15th, 2024

Summary:

  • Cryptocurrency exchange Okcoin and investment firm Paradigm have announced a new set of funding for Bitcoin Core contribution.
  • The funds will be directed into a grant to support Core maintainer Marco Falke in 2021 and 2020.
  • Okcoin has contributed $1.5 million to Bitcoin development funding.

Cryptocurrency Exchange Sponsors Bitcoin Core Contribution

Okcoin & Paradigm’s Funding Program

Cryptocurrency exchange Okcoin, alongside partner investment firm Paradigm, has announced a new set of funding for Bitcoin Core contribution. The funds will be directed into a grant for Core maintainer Marco Falke, who Okcoin has supported in the past, in 2021 and in 2020.

Previous Support For Lightning Developer Antoine Riard

Okcoin has also previously provided support for Lightning developer Antoine Riard in a bid to support the second-layer network’s privacy. Falke is one of six people with the ability to approve or deny proposed changes to the code underlying the world’s biggest cryptocurrency. As a Bitcoin Core maintainer, he reviews proposed additions from contributors, of which there are over 400 currently active.

Grant To Provide Livable Income To Marco Falke

The grant from Okcoin and Paradigm is to provide Falke with a livable income while he devotes 40+ hours per week to Bitcoin Core development —a job without salary given bitcoin’s decentralized structure. Matt Huang from Paradigm addressed this saying that “Paradigm believes it’s our responsibility to help fund independent Bitcoin research and development…. We’re pleased to provide a grant to Marco, who continues to move the network forward with his work”.

Okcoins Total Contributions To Development Funding

This particular contribution brings Okcoin’s total contributions to Bitcoin development funding up to $1.5 million. This respectable offering should ideally be replicated by other firms in order to support development of technology that allows for their existence.

Conclusion
It is clear that many cryptocurrency companies are realizing how important it is that they contribute financially towards furthering blockchain technology as well as supporting individual developers working on these projects without pay — something that needs more attention within the industry as well as outside sources such as venture capitalists or philanthropists

By admin