Open receives $21 million in funding from initiative.
Jack Dorsey, the former CEO of Twitter, has made an astounding $21 million donation to OpenSats, a platform dedicated to funding Bitcoin (BTC) development. The nonprofit organization announced Dorsey’s generous contribution in a blog post on May 4th. The funds will be used to enhance the resources available for open-source projects, providing crucial financial support to innovators worldwide.
Dorsey, who served as the CEO of Twitter from 2015 to 2021, confirmed his donation while responding to a post by technology specialist and whistleblower Edward Snowden. Snowden had warned Bitcoin developers about the importance of incorporating privacy measures at the protocol level. Dorsey’s contribution not only supports open-source projects but also includes funds specifically allocated for the legal defense of Bitcoin developers. This reflects the Square CEO’s continuous support for the Bitcoin community and his belief in its potential to revolutionize finance and technology.
In addition to Dorsey’s donation, OpenSats has allocated $15 million to its General Fund, $5 million to the Nostr Fund, and $1 million to operational budgets. The General Fund is a pool of money comprised of donations from individuals and organizations. It is used to support Bitcoin-related free and open-source projects and contributors. The Nostr Fund, on the other hand, supports the development of Nostr, a decentralized social network that utilizes relays for message transmission. This platform has gained immense popularity, boasting a staggering 16 million users, with half a million logging in daily.
OpenSats has a track record of supporting various ideas to expand the Bitcoin world and other open-source projects. They have previously backed 21 teams, such as BTCPay Server, which enables users to process payments on their own servers, and the Bitcoin Policy Institute.
OpenSats encourages open-source developers in need of funding to apply for support. The organization welcomes developers from all corners of the globe to seize this opportunity by visiting opensats.org/apply.
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