Former BitMEX CEO Arthur Hayes has launched a new grant program for developers to enhance Bitcoin’s “flexibility, scalability, and privacy features.”
Arthur Hayes, co-founder and former president of cryptocurrency exchange BitMEX and chief investment officer of Maelstrom, has announced a new grant program to support blockchain developers in their efforts to solve the scalability and privacy issues of the Bitcoin network.
The so-called “Bitcoin Scholarship Program,” backed by Arthur Hayes’ Maelstrom Fund, is expected to help with “the technical development of Bitcoin,” the initiative’s description says, adding that its mission is to enhance the network’s “resilience, scalability, censorship resistance, and privacy features.”
“We have the capacity to support Bitcoin developers and are committed to an open and transparent grant process.”
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Applications for the program are open until August 25, with grants available for 12 months. Payments will be made monthly in Bitcoin (BTC), USD Coin (USDC), and Tether (USDT), with grants ranging from a minimum of $50,000 to a maximum of $150,000 per developer. According to Mailstorm, grants are expected to be awarded in Q3 or Q4 2024, with candidates undergoing at least one interview with Arthur Hayes or Jonathan Beer before receiving the grant.
The announcement comes less than a week after BitMEX pleaded guilty to violating the Bank Secrecy Act. According to attorney Damian Williams, BitMEX willfully failed to “establish, implement and maintain an adequate anti-money laundering program.” Hayes, along with fellow clients Samuel Reed, Benjamin Delo, and Gregory Dwyer, pleaded guilty to a similar charge a few years ago.
