The move brings Okcoin’s Bitcoin Core funding to $1.5 million and marks Paradigm’s expanded involvement in support for Bitcoin developers
SAN FRANCISCO, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Okcoin, one of the world’s largest and fastest-growing cryptocurrency platforms, together with crypto investment firm Paradigm, today announced that the companies are partnering on a grant for Bitcoin Core maintainer Marco Falke. Falke—who is one of Bitcoin’s most active developers, having made more individual changes to the network’s code than anyone else to date—will use the money to work on Bitcoin’s software full time for a sixth consecutive year.
Falke is one of six people in the world with the ability to approve or deny proposed changes to the code underlying the world’s biggest cryptocurrency. As a Bitcoin Core maintainer, he reviews proposed additions to the network’s code from contributors, of which there are over 400 currently active. The grant from Okcoin and Paradigm is to provide Falke with a livable income while he devotes 40+ hours per week to Bitcoin Core development — a job without a salary, given Bitcoin’s decentralized structure.
“The work Marco does is integral to the success of Bitcoin and Okcoin is thrilled to support him for a third consecutive year, this time in partnership with Paradigm,” said Okcoin COO Jason Lau. “There are about 30 million active Bitcoin addresses currently, and each one relies on the network functioning properly. Marco’s code maintenance has helped make Bitcoin’s network more secure and scalable, and we look forward to his continued positive impact.”
“Paradigm believes it’s our responsibility to help fund independent Bitcoin research and development,” said Paradigm co-founder Matt Huang. “Since our initial Bitcoin development funding, we have sought to support the most productive builders working to keep Bitcoin Core running. We’re pleased to provide a grant to Marco, who continues to move the network forward with his work.”
Despite millions of people having invested in Bitcoin, only a small percentage know that the individuals who maintain and improve Bitcoin’s code are not paid by default. A 2021 study conducted by Okcoin found that 80% of retail Bitcoin investors were unaware that the only payment the network’s developers receive is that which they secure for themselves through grants, crowdfunding, or otherwise.
Both Okcoin and Paradigm are committed to contributing to Bitcoin Core development through funding, as well as advocacy for increased support from the Bitcoin community. The terms for Marco Falke’s grant from Okcoin and Paradigm give him freedom to choose which area of Bitcoin Core he works on, and the funding is a non-exclusive agreement.
To learn more about Okcoin’s developer grants, visit developergrant.okcoin.com.
About Okcoin
Founded in 2013, Okcoin is a US-headquartered cryptocurrency exchange serving 190+ countries and territories. The platform enables retail and institutional investors to purchase 50+ digital assets using local currencies, with a mission to make crypto easy for everyone including first-time buyers. Okcoin was the first centralized exchange to offer direct entry into decentralized finance (DeFi) with Earn, a tool for earning APY through decentralized lending, liquidity pools, staking, and more. In addition, Okcoin offers institutional trading tools and APIs to asset managers, venture capital and hedge funds, retail brokers, payment processors, and more. Follow Okcoin on Twitter at @Okcoin and visit okcoin.com for more information.
About Paradigm
Paradigm backs disruptive crypto/Web3 companies and protocols with as little as $1M and as much as $100M+.
CONTACT: Media contact Larissa.bundziak@okcoin.com
