BitMEX stated today that it would extend by one year its funding support for Bitcoin developer Calvin Kim.
Following this outcome, BitMEX, in partnership with the Human Rights Foundation (HRF), will pay Kim $150,000 in awards for his perseverance in creating the Bitcoin protocol.
While BitMEX has agreed to award Kim with a $100,000 award, which will be paid in bits to Kim until June 2022, the $50,000 HRF financial assistance will be a one-time, flat payment delivered to the developer in Bitcoin (BTC).
According to BitMEX CEO Alex Höptner, they are glad to continue their financial support for Calvin for another year. They are delighted to help a Korean developer like Calvin since sustaining the geographic variety of Bitcoin development is crucial.
Höptner said that the decision to engage with HRF was made to guarantee Kim had the financial assistance he needed to concentrate on his efforts toward the growth of the Bitcoin network.
According to the BitMEX CEO, the current donation reaffirms BitMEX’s commitment to supporting developers working to improve open-source Bitcoin development.
Utrexxo project almost Completion
In response to the news, Kim expressed appreciation to BitMEX and HRF, stating that the financial assistance he got from the former last year was critical in the research and development of the Utreexo project.
Kim, the major proponent of Utreexo’s first release on testnet, has effectively increased the speed of Bitcoin’s Initial Block Download (IBD) by up to 60% when compared to the current Bitcoin core.
The Korean developer went on to say that the new funding would be critical in getting Utreexo out to the general public, where clients could easily download and utilize it.
BitMEX’s Ongoing Support for Bitcoin Development
BitMEX has been steadfast in its support for Bitcoin software development.
Since last year, the business has provided over $300,000 in grants to many Bitcoin developers as they continue to work on ideas that will improve the Bitcoin network’s speed.
BitMEX granted funding to Bitcoin developers Jeremy Rubi, Amiti Uttarwar, and Kim last year, according to Coinfomania.