Arthur Hayes' Maelstrom launches grant program for Bitcoin developers

Date: 2024-07-18 Author: Henry Casey Categories: BUSINESS
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The Maelstrom Foundation, founded by BitMEX exchange co-founder Arthur Hayes, has announced a new grant program aimed at supporting Bitcoin developers. The program is designed to improve the overall performance of the Bitcoin network by stimulating further development and innovation.

Goals and objectives of the program

The main goal of the grant program is to stimulate development on the Bitcoin network, which should increase the stability and scalability of the blockchain, as well as improve privacy characteristics. Arthur Hayes and the Maelstrom Foundation are committed to creating an open and transparent grant process to support blockchain talent.

“We have the opportunity to support Bitcoin developers. We are committed to an open and transparent grantmaking process,” the Maelstrom Foundation said in a statement.

Conditions for receiving grants

The program provides grants ranging from $50,000 to $150,000 for up to 12 months, with the possibility of increasing funding up to $250,000. These funds will be distributed in the form of Bitcoin, Circle stablecoins (USDC) and Tether (USDT). Distribution of funds is expected to occur in the third or fourth quarter of 2024.

Developers wishing to participate in the program must submit their applications by August 25th. The selection process includes at least one interview with a panel that includes Arthur Hayes and program administrator Jonathan Beer. This approach allows us to ensure a careful selection of the most promising and qualified candidates.

History and context

Maelstrom Capital was established in the spring of 2023 and operates as the family office of Arthur Hayes. The fund uses his personal cryptocurrency assets and does not cooperate with external liquidity providers. The main goal of the company is to support and develop cryptocurrency projects and technologies.

Arthur Hayes is actively involved in the cryptocurrency community and makes significant investments in various projects. He recently announced plans to increase the proportion of Pendle and Dogecoin tokens in his portfolio and expressed confidence in the approval of spot Dogecoin ETFs.

The launch of the Maelstrom grant program highlights the importance of supporting Bitcoin developers and developing cryptocurrency infrastructure. This effort aims to improve the resilience and scalability of the Bitcoin blockchain, which ultimately contributes to the long-term stability and growth of the entire crypto ecosystem.
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