Coinbase to Sponsor 2 Bitcoin Core Developers With New Grant Program

Coinbase is sponsoring at least two Bitcoin Core developers with a new grant program, the San Francisco-based exchange announced Thursday.

Oct 15, 2020 at 6:00 p.m. UTC
Updated Sep 14, 2021 at 10:10 a.m. UTC

Coinbase is sponsoring at least two Bitcoin Core developers with a new grant program, the San Francisco-based exchange announced Thursday.

“We believe helping to connect and grow the cryptoeconomy is essential to building an open financial system for the world,” Manish Gupta, executive vice president of engineering at Coinbase, said in a statement. “Our Crypto Community Fund aims to grow and improve the entire crypto industry, while making it simpler to use and more secure for everyone. If successful, we intend to expand the program to other types of projects and crypto communities.”

The move comes after years of complaints from some members of the Bitcoin community that Coinbase and other exchanges have taken up the coder talent pool and made money off bitcoin but haven’t contributed directly to the open-source Bitcoin Core codebase.

In April of this year, Wyoming-based startup CardCoins became one of the smallest industry players to sponsor Bitcoin Core developers.

Coinbase says the kinds of projects it is willing to support includes:

  • Direct contributions to Bitcoin Core (e.g., improving testing, fuzzing, bug fixes, improvements)
  • Significant code and/or Bitcoin Improvement Proposal (BIP) review
  • Contributor tooling (e.g., bitcoinacks.com, which is open source)
  • Bitcoin Core libraries and tools (e.g., libsecp256k1)
  • Improvement to testing (e.g., fuzz testing, functional tests)

Coinbase would not reveal the size of the fund but did say in an emailed statement that it hopes to increase the fund over time. 

The exchange compared this effort to other developer-focused initiatives it has led in the past, such as its “USDC Bootstrap Fund,” which was launched in September 2019 and supports developers by “investing directly in the protocol” with stablecoin liquidity. 

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Terra's Difficult Post-Collapse Path: VCs Backing Away, Regulators Jumping on Stablecoins

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

Some investors see salvageable pieces in the rubble while others are bemoaning their involvement and want to forget the protocol ever existed; bitcoin edges up in weekend trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
China Can’t Seem to Stop Bitcoin Mining

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

CoinDesk - Unknown
3
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown
4
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown