BitMEX co-founder Arthur Hayes has recently made a monumental announcement for his early-stage investment fund, Maelstrom. Today, July 17, Hayes took to a post on X, unveiling the firm’s first Bitcoin developer grant program. This development has echoed a bustle across the broader industry, staging as an effort to further enhance the crypto ecosystem.
Here’s an overview of the program aimed at jacking up BTC developers, which appears to have promptly gained traction in the market.
Arthur Hayes Unveils BTC Developer Program
In his post on X today, the BitMEX co-founder primarily spotlighted the ‘Maelstrom Bitcoin Developer Program.’ This program is aimed at supporting the technical development of Bitcoin and enhancing its resilience, scalability, censorship resistance, and privacy characteristics.
Maelstrom’s official site stated, “We have the capacity to support Bitcoin developers and are committed to an open and transparent grant process.” Concerning this, the fund welcomed applications from devs, underlining August 25 as the deadline for final submissions.
Simultaneously, the fund revealed additional key information on the grant program. This included:
- Grants will be issued for 12 months, and payments are made monthly in the form of BTC, USDC, and USDT only.
- The grant will offer a range from $50,000 to $150,000 per developer.
- Notably, grants, when approved, are expected to be awarded in Q3 and Q4 2024.
Devs looking for more information can head to the Maelstrom official site.
Also Read: BitMEX’s Arthur Hayes Highlights Bitcoin’s Edge To Gold, What’s The Catch?
More about Maelstrom
The platform refers to itself as a firm that the family office of BitMEX co-founder Arthur Hayes manages. It boasts the vision of “building a long-term portfolio of infrastructure companies that will serve as the foundation of the next wave of trustless decentralization.”
The investment fund usually targets small-cap venture-stage investments, ranging from $100K to $250K (equity + tokens).
Meanwhile, the abovementioned announcement is expected to further revolutionize the creation of dApps, smart contracts, and blockchain protocols that use Bitcoin. Arthur Hayes revealed that the firm eyes offering aid to the BTC ecosystem devs as ‘Bitcoin is the bedrock asset in the crypto space,’ meaning a vital component of the crypto ecosystem.
Also, it’s worth mentioning that this announcement comes amid BTC showing signs of phenomenal recovery after a bearish movement in recent rays. BTC price rested at $65,183 today, up 3.49% over the past day.
Also Read: BitMEX’s Arthur Hayes To Buy These Cryptos In May
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