Bitcoin open source developers have received $150,000 from Bitwise, a large company that manages money for people investing in Bitcoins. They are the builders and protectors of Bitcoin’s network but they work behind the scenes to protect and secure the network.
This is a part of Bitwise’s promise to give back. Bitwise Bitcoin ETF (Exchange Traded Fund), termed BITB, was launched by the company in January 2024. Bitwise said they would donate 10 percent of those profits from BITB every year when they first launched it. They are now following through on that promise.
Three organizations: Brink, Open Sats and the Human Rights Foundation Bitcoin Development Fund, will get the $150,000. These help fund group developers and projects that keep the Bitcoin network fortified.
Bitwise’s Chief Technology Officer Hong Kim said they are excited to help these developers because these developers are the backbone of Bitcoin. Sean Walsh of Bitwise also thanked the investors who chose BITB in making the donation.
This crypto donation comes at an interesting time when the market is turbulent but also has seen some hope. With more companies looking into listing their own Bitcoin ETFs, more transparency and open market are the new rules.
With this, Bitwise is also known for offering support of other cryptocurrencies like Ethereum. Bitwise says donating to developers will help attract more people to the world of Bitcoin as well as prove to them that the company cares about the future of the crypto technology.
While investment in Bitcoin comes with risks, Bitwise is doing its part to give back to the community that keeps the Bitcoin network alive.
Also read: What is Bitcoin? How Does It Work
