Arthur Hayes, former chief executive of BitMEX, has initiated a new grant program aimed at bolstering the technical advancement of Bitcoin. Hayes, now serving as the chief investment officer at Maelstrom, announced the “Bitcoin Grant Program” designed to foster innovation in scalability, resilience, and privacy within the Bitcoin ecosystem.
The program, backed by Hayes’ Maelstrom fund, seeks to support blockchain developers dedicated to enhancing Bitcoin’s core functionalities. It emphasizes improving the network’s censorship resistance and privacy characteristics, essential for its long-term sustainability in the digital finance landscape.
“We are committed to supporting Bitcoin developers through an open and transparent grant process,” Hayes stated, highlighting the program’s mission to fortify Bitcoin’s foundational capabilities.
Applications for the Bitcoin Grant Program are currently open until August 25, offering developers an opportunity to secure funding for a 12-month period. Grants, which range from $50,000 to $150,000 per developer, will be disbursed monthly in Bitcoin (BTC), USD Coin (USDC), and Tether (USDT). The selection process, scheduled for Q3 or Q4 2024, includes interviews with Hayes or Jonathan Bier, ensuring alignment with the program’s objectives.
This initiative follows closely on the heels of BitMEX’s recent legal settlement concerning violations of the Bank Secrecy Act. Despite past challenges, Hayes remains committed to advancing Bitcoin’s technological landscape through proactive support for developer innovation.
