BitMEX parent launches expanded open-source developer grant program
HDR Global Trading, the parent company of BitMEX, opened an expanded open-source developer grant program after earlier direct grants to Bitcoin contributors, formalizing a broader process for funding public technical work.
On May 15, 2020, HDR Global Trading announced an expanded open-source developer grant program. The initiative built on the company’s earlier support for Bitcoin development, including a grant to Bitcoin Core maintainer Michael Ford that had been increased to $100,000 in March.
The program invited applications for annual grants supporting open-source work in Bitcoin as well as selected infrastructure technologies, with smaller grants contemplated for activities such as workshops, education, transcription and translation. It was therefore broader than the contaminated legacy claim that BitMEX had simply paid '$1.6 million to Bitcoin Core developers' on April 10.
The historical significance lies in the funding model. Bitcoin Core has no company treasury or protocol-level developer payroll, so grants from exchanges, foundations and other businesses became one way to support maintainers and reviewers without turning the software into a proprietary product.