Coinbase is supporting at least two Bitcoin Core engineers with a new grant program, the San Francisco Stock Exchange announced on Thursday.
“We believe that helping to connect and grow the crypto economy is crucial in building a global financial system,” Manis Gupta, vice president of engineering at Coinbase, said in a statement. The Crypto Community Fund aims to grow and improve the entire crypto industry, while making it easier to use and safer for everyone. If successful, we aim to expand this program to include other types of crypto projects and communities. ”
The move comes after years of complaints from other Bitcoin community members that Coinbase and other exchanges have acquired the talent of programmers and monetized the Bitcoin but did not directly contribute to the open source Bitcoin Core crypto base.
In April of this year, CardCoins based in Wyoming became one of the youngest players in the industry to support Bitcoin Core developers.
Learn more: Why startups you have never heard of so now support the Bitcoin Core builder
Coinbase says the types of projects it wants to support include:
Direct contribution to Bitcoin Core (e.g., test setup, power blur, error correction, and upgrade)
Key code and / or review of the Bitcoin Improvement Proposal (BIP) proposal
Shareholder tools (for example, backsacksacks.com, which is open source)
Bitcoin Core libraries and tools (for example, libsecp256k1)
Usability testing (e.g., fluff testing and performance testing)
Coinbase did not disclose the size of the fund but in a statement sent an email saying it hoped to increase the fund over time.
The exchange compared the effort to other programs that focused on leading developers in the past, such as the USDC Bootstrap Fund, which was established in September 2019 and supports developers by “investing directly in protocol” with a strong cash flow.