Bitcoin’s market cap is now over $1 trillion. And with this, the investment and research on the cryptocurrency is also rising. So, in an attempt to aid the cause, Nexo has granted $150k to Brink for open source Bitcoin development. Brink is an independent non-profit organization that will use the money to help another developer in the next Brink funding in late March. This investment has also added Nexo’s name with the likes of Square, Coinbase, and Kraken. All these organizations have made a serious investment in similar projects in the last year.
Bitcoin’s funding and open source development
Bitcoin did tumble for a while, but the belief in the cryptocurrency stayed strong. And finally, it was able to make an all-time-high. This is why almost all major companies are slowly starting to embrace Bitcoin. They are investing in and for the curreny and are looking at it as a valuable asset. As the network and value of the currency grows, the requirement to maintain its network becomes more important. So, the co-founder of Nexo said, “It is our responsibility, as key actors in the crypto economy, to allocate time, effort and funds to its healthy and sustainable future”.
Nexo’s fund was received by Brink, the non-profit organization that John Newbert founded. The aim of the organization is to provide funds to an independent or group of developers that work voluntarily and contribute majorly to the cryptocurreny. The company has funded only one developer till now. Her name is Gloria Zhou, who received the company’s fellowship for her work.
Brink acts as an intermediary between organizations and developers. In this way, big companies don’t have to deal with the hassle of working with individuals or groups. So, they don’t need to make grants and are able to do their part without much trouble.
Why are such grants important?
As the price of Bitcoin increases, its network and user base is growing. So, it becomes very important to maintain the network and keep its tech up to date. With grants like these, the major developers will be able to work full-time on open source Bitcoin development. They don’t have to worry about money anymore as the grant would pay for their bills and food. This will further enhance the network and bring in more developers.
What are your thoughts on the development of Bitcoin’s network? And what role does it play in the proper functioning and improvement of the cryptocurreny? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.