BitMEX Research Reveals Who Funds Bitcoin Network Development

By Rajat Gaur

The core research team of cryptocurrency exchange, BitMex has raised a question in the market about the responsibility to take for funding the development of Bitcoin (BTC).

From the sources of the BitMex research report, blockchain-based organizations Blockstream and Lightning Labs stand the largest contributors to Bitcoin development. Moreover, Chaincode Labs is also the largest financial supporter of Bitcoin Core software development. They state that the situation is turning more healthy than the previous one, with respect to the availability of finance, transparency, and the degree of distribution among financial backers.

BitMEX used the information and confidential data which is easily available in public and can be gained from the individuals involved. 

Blockstream and Lightning Labs have 8 developers to work on Bitcoin. Also, Square Crypto has 7 developers on the same. In addition, MITs Digital Currency Initiative (DCI) has a team of 6 developers dedicated to Bitcoin. 

BitMEX researchers looped onto the activity in the Bitcoin Core to recognize the top contributors and find the sources of funding. This research from BitMEX shows that 11 out of 33 most active Bitcoin developers are working as a freelancer, 7 are paid by Chaincode , 3 by Blockstream. 

Most of the organizations and institutions are seeing Bitcoin as a major source of infrastructure for the finance, the project determines that the increase in entities fund its development. According to the Cointelegraph, in the current month, Square Crypto, the payment service provider is supporting Bitcoin development with grants.

Moreover, market analysts are expected to debate on the technical data that might or might not indicate the recovery on pricing. The remains and development and adoption will ultimately decide Bitcoin’s fate. The cryptocurrency work is still in process and is to be anticipated with speculative assets. Unit large numbers of consumers are using it for its purpose which is determined as a digital currency. Its value will remain constant to be volatile.