Arthur Hayes, the co-founder of BitMEX, has made a significant announcement today regarding his investment fund, Maelstrom, by introducing its first-ever Bitcoin developer grant program. In a post shared on X, Hayes detailed this initiative, which is poised to invigorate the cryptocurrency ecosystem and support Bitcoin developers.
Overview of the Maelstrom Program
The newly launched Maelstrom Bitcoin Developer Program aims to bolster technical advancements within the Bitcoin network, focusing on enhancing its resilience, scalability, censorship resistance, and privacy features. Hayes emphasized the program’s commitment to fostering an open and transparent grant process, encouraging developers to apply by the deadline of August 25.
Key Details of the Grant Program
According to the official announcement, the grant program includes several important stipulations:
- Grants will be disbursed over a 12-month period, with monthly payments made exclusively in Bitcoin (BTC), USDC, or USDT.
- Each grant will range from $50,000 to $150,000 per developer.
- Approved grants are expected to be awarded in the third and fourth quarters of 2024.
Developers interested in applying for the grant can find more information on the Maelstrom website.
Background on Maelstrom
Maelstrom is positioned as a firm managed by Arthur Hayes’ family office, with a vision to “build a long-term portfolio of infrastructure companies that will form the foundation for the next wave of trustless decentralization.” The investment fund typically focuses on small-cap, venture-stage investments ranging from $100,000 to $250,000, including equity and tokens.
Hayes’ initiative is set to drive innovation in decentralized applications (dApps), smart contracts, and blockchain protocols leveraging Bitcoin. He underscored the significance of Bitcoin, stating it is the “bedrock asset in the crypto space,” highlighting its crucial role within the broader cryptocurrency ecosystem.
This announcement comes as Bitcoin demonstrates signs of recovery following a bearish trend, with the price currently resting at $65,183, reflecting a 3.49% increase over the past day.
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