- The fund encouraged developers to apply, with the final submission date set for August 25.
- For each developer, the grant will provide a sum between $50,000 and $150,000.
Arthur Hayes, a co-founder of BitMEX, has made an important announcement about Maelstrom, his early-stage investment fund. Hayes announced the launch of the company’s first Bitcoin developer grant program in a post on X today, July 17. There has been a flurry of activity in the sector as a whole in response to this news, which many see as an attempt to strengthen the crypto ecosystem.
Moreover, the official Maelstrom website boasts that the organization can back Bitcoin developers and is dedicated to a transparent funding procedure. Regarding this, the fund encouraged developers to apply, with the final submission date set for August 25.
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At the same time, the fund disclosed other crucial details about the award program. Monthly payments are paid only in Bitcoin, USDC, and USDT, and the grants are provided for a 12-month period. Also. for each developer, the grant will provide a sum between $50,000 and $150,000. The anticipated granting of funds is in the third and fourth quarters of 2024, subject to approval.
Furthermore, the platform claims to be run by BitMEX co-founder Arthur Hayes’s family office. It brags about its plan to create a portfolio of infrastructure firms to provide the groundwork for future waves of trustless decentralization.
Furthermore, fund investments typically range from $100,000 to $250,000 (equity + tokens) and are aimed at small-cap venture-stage companies. At the same time, the aforementioned news is anticipated to further transform the development of decentralized applications (dApps), smart contracts (smart contracts), and Bitcoin-based blockchain protocols.
Moreover, Arthur Hayes termed Bitcoin as a crucial part of the cryptocurrency ecosystem. And the platform is looking to help the developers of the Bitcoin ecosystem.
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