BitMEX announced today that it would be extending its grant support for Bitcoin developer Calvin Kim by one year.
Following the development, BitMEX in collaboration with Human Rights Foundation (HRF) will award $150,000 in grants to Kim for his resilient effort in the development of the Bitcoin protocol.
While BitMEX has agreed to reward Kim with $100,000 in grant, which will be paid in bits to Kim until June 2022, the HRF financial support of $50,000 will be a one-off lump sum, paid in Bitcoin (BTC) to the developer.
“We are delighted to extend our financial support for Calvin for another year. In Particular, we are pleased to support a Korean developer such as Calvin, as ensuring the geographic diversity of Bitcoin development is an important factor to consider,” Alex Höptner, CEO of BitMEX, said.
Höptner noted that the company’s decision to collaborate with HRF was to ensure Kim had the necessary financial support to help him focus on his work toward the development of the Bitcoin network.
According to the BitMEX CEO, the recent grant goes to reiterate BitMEX commitment to support developers who are focused on improving open source Bitcoin development.
Project Utrexxo Nears Completion
Reacting to the development, Kim, while expressing gratitude to BitMEX and HRF, said the financial support he received last year from the former has been instrumental in the research and development of the Utreexo project.
Kim, who is the main proponent of the initial release of the Utreexo on testnet, has successfully enhanced the speed of Bitcoin’s Initial Block Download (IBD) by up to 60% compared to the current Bitcoin core.
The Korean developer added that the new grant would be instrumental in making Utreexo deployed to the general public, where users can comfortably download and use it.
BitMEX Continuous Support of Bitcoin Development
BitMEX has been resilient in its support for the development of the Bitcoin software.
Since last year, the firm has awarded over $300,000 in grants to several Bitcoin developers, as they continue to work on projects that would optimize the performance of the Bitcoin network.
Last year, Coinfomania reported that BitMEX awarded grants to Bitcoin developers Amiti Uttarwar, Jeremy Rubi, and Kim.