BitMEX announced which firms lead in BTC development funding

Written by: Ali Raza
March 30, 2020
  • BitMEX recently compiled a large amount of data on Bitcoin development funding.
  • The company revealed that two firms that fund the most developers are Blockstream and Lightning Labs.
  • Each of the firms is funding 8 developers, although the number of firms providing funds is on a healthy rise.

Bitcoin development is progressing at full pace, despite the recent price crash. In fact, BitMEX revealed which two companies contributed the most to its development. The company’s announcement says that the two firms in question include Lightning Labs and Blockstream.

BitMEX’s compiled data analysis resulted in a revelation that these two firms fund the most BTC developers. They are leading the funding for the development of open-source Bitcoin and lightning network. Blockstream is funding some of the best-known developers, including Gregory Sanders, Pieter Wuille, and Andrew Chow.

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Both firms are providing funds to eight developers working on the project’s software. Lightning Labs-backed developers include Oliver Gugger, Johan Halseth, as well as Alex Bosworth.

These are not the only companies to fund BTC development, of course. The third spot on the list is currently reserved by Square Crypto. Next, there are also MIT DCI, Chaincode, and Purse, followed by DG Lab, Acinq, and Bitfinex. BitMEX itself sits as the 13th-largest funding firm on its list.

The data revealed that Chaincode Labs is the largest contributor to Bitcoin’s core development, in fact.

Bitcoin development is healthier than ever

BitMEX commented on the current state of things, stating that “We conclude that the situation is more healthy than it has been in the past, with respect to the availability of finance, transparency, and the degree of distribution among financial backers.”

The researchers used publicly available data. More information came from individuals involved with Bitcoin development. Their goal is to create the most comprehensive picture of where the funding for open-source Bitcoin is coming from.

The developers’ comment about the healthy state of Bitcoin development doesn’t seem to be an overstatement. In fact, an increasing number of firms and various institutions are contributing. They see BTC as a major piece of the financial infrastructure of the future.

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