Crypto exchange BitMEX announced a one-year grant extension for Bitcoin developer Calvin Kim yesterday, it shared in a blog post.
“BitMEX is delighted to announce a one-year grant extension for kcalvinalvinn. We are providing US$100,000 of funding, to work on open-source Bitcoin development on a no strings attached basis,” the exchange’s Research division said in a tweet.
Developers of wholly decentralized platforms like Bitcoin rely on public and company grants to continue with their work on the protocol, unlike more centralized cryptocurrencies which have a full-time team on payroll.
BitMEX is one of the forerunners of such a program. It has granted over $1.3 million to developers working on open source solutions for Bitcoin. The 2021 program will open to new applicants in July.
Bitcoin betterment via grants
In the post, BitMEX said Kim’s developer grant was renewed until June 2022. The exchange provided him with a $100,000 one-year grant, with the remaining $50,000 coming in a lump sum from the Human Rights Foundation.
“We are delighted to extend our financial support for Calvin for another year. We are pleased to support a Korean developer such as Calvin, as ensuring the geographic diversity of Bitcoin development is an important factor to consider,” said Alex Höptner, CEO of BitMEX, in a comment.
Kim, in a statement, said that being financially stable allowed him to focus on the research and development of the “Utreexo” project. “Last year, I focused on prototyping a Utreexo bitcoin full node, moving the project closer to reality from just a research project. This year, with the financial support of bitmex and the human rights foundation, I intend to continue what I was doing last year and continue moving the utreexo project to something a user can download and use,” he said.
Calvin is working on a small team focusing on the Utreexo Project. The latter enables users to validate the blockchain in non-sequential order, allowing for more parallelization.
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Source: Crypto exchange BitMEX grants 0,000 to Korean Bitcoin developer