BitMEX’s Hayes announces grant program to support Bitcoin developers

Former BitMEX CEO Arthur Hayes is launching a new grant program for developers to improve Bitcoin’s “durability, scalability, and privacy features.”

Arthur Hayes, co-founder and former chairman of cryptocurrency exchange BitMEX and chief investment officer of Maelstrom, has announced a new grant program to support blockchain developers in their efforts to solve the Bitcoin network’s scalability and privacy issues.

The so-called “Bitcoin Grants Program,” backed by Arthur Hayes’ Maelstrom fund, is expected to aid in “the technical development of Bitcoin.” The initiative’s description says its mission is focused on improving the network’s “resilience, scalability, censorship resistance, and privacy features.”

“We have the capacity to support Bitcoin developers and are committed to an open and transparent grant process.”

Whirlpool

Applications for the program are open until August 25, and grants are available for a 12-month period. Payments will be made monthly in Bitcoin (BTC), USD Coin (USDC), and Tether (USDT), and grants will range from a minimum of $50,000 to a maximum of $150,000 per developer. The grants are expected to be awarded in Q3 or Q4 2024, according to Maelstrom, and candidates will have at least one interview with Arthur Hayes or Jonathan Bier before receiving the grant.

The announcement comes less than a week after BitMEX was found guilty of violating the Bank Secrecy Act. According to attorney Damian Williams, BitMEX intentionally failed to “establish, implement, and maintain an adequate anti-money laundering program.” Hayes, along with colleagues Samuel Reed, Benjamin Delo, and Gregory Dwyer, pleaded guilty to a similar charge several years ago.