Australian cryptocurrency exchange Independent Reserve has collaborated with the operator of the United States’ BitMEX exchange, 100x Group, to sponsor a Bitcoin core maintainer in Australia named Michael Ford (known as @fanquake on Github).
This comes as part of the companies’ effort to support the development of the Bitcoin network. Per the announcement on Thursday, Michael will be sponsored by these two crypto companies for about one year.
Aussie Bitcoin Developer Gains Sponsors
Independent Reserve pledged to contribute AU$2,000 per month to the Australian developer, for a period of 12 months, while 100x Group will contribute a total of about AU$125,000 for the same period of months. The grant is provided without any condition, so Michael can be able to take on other projects of his choice. While commenting on the development, the CEO of Independent Reserve, Adrian Przelozny, commented:
“The confidence people have in Bitcoin is underpinned by its security and stability. The Bitcoin core developers play an integral role in safeguarding that stability. As an Aussie exchange, we’re excited to support a local developer.”
Why Sponsor Bitcoin Developers?
Sponsoring Bitcoin developers has been very fundamental to keeping the Bitcoin network running. Just like the anonymous creator of Bitcoin, Satoshis Nakamoto, the core developers are voluntarily working to update the Bitcoin software. They are the true believers of the network, and so, they really need sponsorship to keep the network running and up-to-date, since they work on a voluntary basis.
“100x Group is pleased to provide long-term financial support for open source developers like Michael, who build the infrastructure on which our business and many others depend,” the CEO of 100x Group, Alexander Höptner, commented.
This news also follows a story we covered on Tuesday, where Twitter’s Jack Dorsey also donated 1 Bitcoin to a non-profit organization to support the development of the Bitcoin network.
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