Tether announced that it would donate $250,000 towards the cause. OpenSatsThe charity is a non-profit 501(c), which funds open technologies and projects that strengthen Bitcoin.
You can also find out more about the following: donation OpenSats operations and grants-making will be supported. The money will be used to fund open-source projects, such as protocol development. privacy toolsTether said that Tether is a researcher and an educator.
OpenSats distributes all donations 100% to the grantees. Operational costs are kept separate for transparency.
“We at Tether believe that Bitcoin, and the free, open-source software that powers it, are indispensable to a freer and decentralized future,” Paolo Ardoino is the CEO of Tether. “OpenSats is on the front line supporting the continued growth of this ecosystem by funding the next generation of innovators, and we are proud to support their work.”
OpenSats was created to provide a funding model that would be sustainable for Bitcoin contributors and those who contribute open-source software. Donors can support a specific project or make a contribution to the general fund.
The nine member board reviews the applications and makes decisions on whether to award grants.
This funding targets projects with high impact and contributors such as developers, researchers educators designers and reviewers. All of these individuals are working together to expand and strengthen the Bitcoin eco-system.
“OpenSats has provided over 300 grants to developers working on freedom tech projects. Support from Tether will help us continue to scale our mission globally,” Matt Odell co-founder OpenSats.
Bitcoin and Tether
Recent Tether purchased It added over $1 billion in assets at that point to its balance, bringing the total to almost 86,000 BTC.
This company has continued with its diversification strategy by adding hard assets to reserves. goldBitcoin is positioned as a hedge against long-term risks.
The acquisition coincided with Tether pursuing a $15–20 billion fundraising round, potentially valuing the company near $500 billion. Tether was reportedly In talks with investors to raise $20 billion in exchange for a 3 percent stake. This would put the company on par with companies such as SpaceX and OpenAI, which are valued at around $500 billion.
Tether has created USDT, the world’s most popular stablecoin. It is pegged at the U.S. dollars and is designed to represent traditional currency in a stable way on the Blockchain.
Cantor Fitzgerald is said to have advised on Tether’s fundraising round. This would include new equity coming from outside of the company, rather than the existing shareholders selling off their shares.
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Source: bitcoinmagazine.com
