Paradigm, a cryptocurrency investment firm is moving ahead to add innovations in its portfolio and following a strategy to provide investment grants to bitcoin core developers.
While considering the advancement in the Bitcoin Network, in a recent update via the company’s official website, the Australian Bitcoin core developer Anthony Towns is receiving a grant from Paradigm for Bitcoin’s open-source development. Though the grant sum is still not disclosed, reportedly, it may not be less than to an engineer’s full salary.
In the likes of Towns, Paradigm would pay his full salary and granted full-time access to choose the work as per his interest in terms of bitcoin open-source network, Paradigm’s Co-founder Matt Huang mentioned.
The information reads: Bitcoin is an open-source and decentralized network that has “neither the headcount nor the central coordination.” The crypto community needs to come together and provide support to fund Bitcoin Core development.
Now, Paradigm has joined the league of companies that are funding Bitcoin Core development. Some of these are Chaincode, Square Crypto, Blockstream, Xapo, MIT DCI, BitMEX, OKCoin. According to the BitMEX Research report published on 28 March 2020.
Paradigm is the crypto-focused investment firm based out in San Francisco. The company’s target market segment is new cryptocurrency-focused ventures who are being supported by the firm from the idea to maturity.
Anthony Towns was introduced to Paradigm by Wences Casares from Xapo. Steve Lee from Square Crypto and Adam Jonas from Chaincode are the ones who helped Paradigm to think about taking part in the Bitcoin Core development funding and allocate grants to the Bitcoin Core developers to improve it by helping developers.
Bitcoin Network Gets Support from Bitcoin Core Developer & Crypto-Focused Firms
This year few digital asset management companies provided support to the independent Bitcoin core developers intending to contribute to the long-term success of the Bitcoin Network.
Earlier in June, OKCoin and HDR Global Trading Limited (the company which possesses BitMEX crypto exchange) together funded $150,000 to another Bitcoin Core Developer Amiti Uttarwar who earlier worked with Coinbase and Xapo. OkCoin and HDR individually agreed to grant $75,000 to Uttarwar in a collaboration.