Victor Ugochukwu · Dec 14, 2020 . 5min read
Coinbase rolls out Crypto Community Fund grants starting with Bitcoin core developers
The Crypto Community Fund grant is focusing on Bitcoin in its debut, Coinbase expects to broaden the scope to other crypto communities
By Victor Ugochukwu · Oct 17, 2020 . 5min read
Crypto unicorn and giant cryptocurrency exchange Coinbase has announced that it is rolling out a crypto community fund grants starting first with Bitcoin Core developers.
In the first edition of the Coinbase Crypto Community Fund grants, the exchange hopes to support two Bitcoin Core developers. These developers must either be contributing directly to the Bitcoin codebase or closely associated Bitcoin projects.
Although the Fund is focusing on Bitcoin in its debut, Coinbase expects to broaden the scope to other crypto communities. Per the announcement, Manish Gupta, EVP of Engineering at Coinbase said about the initial roll out with Bitcoin Core developers
If successful, we intend to expand the program to other types of projects and crypto communities
The fact that Bitcoin launched barely eleven years back and has been entirely bootstrapped to becoming a more than $200 billion industry is the more reason why Coinbase has decided it is its first target.
Obtaining the grant as a Bitcoin Core developer
As earlier pointed out, any developer contributing directly to the Bitcoin codebase can apply from anywhere around the world. Anyone can also choose to nominate a developer as well to benefit from the grant.
Consequently, Coinbase reserves the right to shortlist and select the developers who will be getting the grants. The exchange has set up a board to review the portfolio of any shortlisted Bitcoin Core developer. A five-person board consisting of Dan Boneh, Carla Kirk-Cohen, Anthony Towns, Amiti Uttarwar, Felix Weis. To get started with the application or nomination process, this the form to fill.
It is fast becoming a norm among cryptocurrency exchanges to fund community grants, especially for the Bitcoin ecosystem. BitMEX derivatives and Futures exchange also initiated a similar move this year. The exchange earlier awarded Calvin Kim, a Bitcoin Core developer $40,000 in grants in August. Having rolled out a larger fund of up to $615,000, it aims to support Bitcoin Core developers yearly.
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