The former chief executive of BitMEX, Arthur Hayes, is initiating a new grant program aimed at enhancing Bitcoin’s resilience, scalability, and privacy.

Arthur Hayes’ New Initiative

Arthur Hayes, co-founder and former head of the crypto exchange BitMEX and the current chief investment officer at Maelstrom, has introduced a grant program to support blockchain developers. This initiative focuses on addressing scalability and privacy challenges within the Bitcoin network.

Known as the “Bitcoin Grant Program,” the initiative is backed by Arthur Hayes’ Maelstrom fund. According to the program’s description, its mission is to bolster the technical development of Bitcoin, focusing on improving the network’s resilience, scalability, censorship resistance, and privacy.

“We have the capacity to support Bitcoin developers and are committed to an open and transparent grant process.”

Grant Program Details

Applications for the program are open until August 25, with grants available for a 12-month period. Payments will be made monthly in Bitcoin (BTC), USD Coin (USDC), and Tether (USDT), with grant amounts ranging from $50,000 to $150,000 per developer. Grants are expected to be awarded in Q3 or Q4 2024, following an interview process with either Arthur Hayes or Jonathan Bier.

Recent Developments

This announcement follows closely after BitMEX pleaded guilty to violating the Bank Secrecy Act. Attorney Damian Williams noted that BitMEX intentionally failed to establish, implement, and maintain an adequate anti-money laundering program. Hayes, along with colleagues Samuel Reed, Benjamin Delo, and Gregory Dwyer, had previously pleaded guilty to similar charges.

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