Coinbase is a financial institution specializing in cryptomoney. It allows you to buy and sell different cryptos without any effort. The platform has been in existence since June 2012 and has largely proven itself in a booming market. Today, Coinbase seems to want to help 2 Bitcoin developers through a donation.
A participative donation
Coinbase has announced its willingness to finance 2 developers, whether they are working on the Queen Bitcoin Core implementation or on other closely related projects. The funds would come from the Crypto Community Fund, a participatory and community-based fund, where members will be able to take part in the selection of the 2 lucky ones.
The selection of the developers should be a two-step process. First, the community members will make a pre-selection, then Coinbase will intervene to make the final selection. Several potential developers have already been identified: Carla Kirk-Cohen, Anthony Towns, Amiti Uttarwar, … This grant project should last one year. If successful, this program could then be extended to other types of projects, in connection with the crypto community.
“Our Crypto Community Fund aims to develop and improve the entire cryptography industry while making it easier to use and more secure for everyone. “Manish Gupta, Executive Vice President of Engineering at Coinbase.
A noble initiative
The company took this decision after being strongly criticized by the community for not giving enough support to developers. The developers aim to secure the Bitcoin network and offer new solutions. In concrete terms, the success of platforms such as Coinbase has clearly been made possible thanks to the efforts of developers.
As a result, a number of companies have decided to ‘give back’ to these developers. Other initiatives focused on developers had already been carried out in the past. This is the case of the USDC Bootstrap Fund, launched in September 2019. This project aimed to support developers in investing directly in the protocol with stable liquidity.
Furthermore, Coinbase is not the only company supporting Bitcoin developers such as BitMEX, OKCoin or Square. The investment company Paradigm has also announced its willingness to launch a grant program.
The emergence of innovative projects is booming, thanks in particular to various investments such as this one. The Coinbase initiative was highlighted by several influential members, such as Jack Dorsey, creator of Twitter and the Square company.