Arthur Hayes’ Maelstrom Launches Bitcoin Grant Program to Boost Technical Development

BitMEX co-founder Arthur Hayes, the crypto investment fund, Maelstrom, announced the launch of the Bitcoin grant program that aims to help with the technical development of the largest blockchain network. The goal will also be to improve its resilience, scalability, resistance to censorship and privacy features.

On its official website, Maelstrom said it can support Bitcoin developers and is committed to an “open and transparent grant process.”

Bitcoin grant program to encourage innovation

Grants will be awarded between $50,000 and $150,000 per applicant, spread over 12 months in monthly payments in bitcoin (BTC) or stablecoins, Circle’s USDC and Tether’s USDT.

Recipients should participate in the technical advancement of Bitcoin, possibly contributing to Bitcoin Core through pull requests or code reviews, according to Maelstrom’s announcement, which says:

“Maelstrom, like other companies in the space, depends indirectly on the work of Bitcoin’s open source developers. Therefore, we are willing to give back and give back to Bitcoin technology, which the crypto ecosystem depends on.”

Applications must be submitted by August 25, and grants are likely to be distributed in the third or fourth quarter of the year. Although stacking of grants is allowed, the total amount is limited to $250,000 per year.

In addition to Hayes, the grant review committee will also include London-based investment firm Farside Investors chief investment officer Jonathan Bier, who will act as grant program administrator.

Hayes, who serves as Maelstrom’s chief investment officer, tweeted:

“Announcing the Maelstrom Fund Bitcoin Developer Grant Program. As loyal followers of Lord Satoshi, we’re doing our part to spread the word.”

Maelstrom features Pendle Finance, Elixir and more

Maelstrom’s CIO’s recent investments include Pendle Finance, a protocol that allows users to tokenize and trade future returns. It has been strongly endorsed by Hayes as the leading derivatives exchange.

Meanwhile, the crypto investment fund’s portfolio also includes Bitcoin trading app Oyl and modular network project Elixir, among others. Maelstrom is also a founding advisor of the Ethena synthetic dollar protocol.

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