Bitwise Asset Management has announced the second of its annual donations to Bitcoin developers. The company contributed $233,000 in support to the programmers that maintain the Bitcoin network.
Bitwise has included a gift as part of its pledge Support the eco-system by allocating 10% of the gross profit from Bitwise Bitcoin ETFs (BITB) every year.
Funds are being distributed to Brink, OpenSats (a satellite company), and Human Rights Foundation Bitcoin Development. Fund. The organizations were selected based on their track records in funding Bitcoin’s open-source initiatives and for advancing its long-term growth.
“Developers are the unsung heroes of the Bitcoin network,” Hong Kim is the co-founder of Bitwise and its chief technology officer.
“When we launched BITB, we wanted to ensure that as interest in crypto grew, the developers who maintain and secure the network would be supported. No matter where we are in the market cycle, developers continue to build and maintain. We’re proud to continue our support of this important work with our second annual donation to these great organizations.”
Bitwise Bitcoin ETF
Donations are tied to growth. Bitwise Bitcoin ETF. BITB said that it has received more than $2.5 billion since January 20, 2024.
Bitwise notes that future contributions to open-source communities will increase as ETF increases.
The company claims that Bitwise has managed more than 15 billion dollars in assets for clients through its suite of crypto products. This includes ETFs as well as private funds, hedge-fund strategies and staking.
With offices in San Francisco and New York and London, the firm has more than 5,000 customers around the globe, from family offices and private wealth teams to banks and brokers-dealers.
The funding from Bitwise lets developers focus on projects that are essential for the stability of the network, such as protocol updates, security upgrades and other important initiatives.
“Investors who chose this journey with us made this possible,” Bitwise statement “We are grateful for their trust and proud to stand alongside them in sustaining the open-source heart of Bitcoin.”
Bitwise stressed that this donation was not an one-off but a part of the ongoing effort to support community, which is the foundation for the largest cryptocurrency in the world.
The company stated that as BITB expands, it will also increase its contributions to open source development.
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Source: bitcoinmagazine.com
