Bitcoin development funding is led by Blockstream and Lightning Labs, says BitMEX

Bitcoin • March 30, 2020, 5:36AM EDT
UPDATED: March 30, 2020, 11:13AM EDT
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Blockstream and Lightning Labs are the two firms currently leading the funding for open-source bitcoin and lightning development, according to data compiled by BitMEX.

Announcing the news on Saturday, BitMEX said the two firms employ the largest number of bitcoin developers. Pieter Wuille, Andrew Chow and Gregory Sanders are some of the bitcoin developers, which are currently being funded by Blockstream.

Lightning Labs, on the other hand, employs at least 8 developers working on the open-source Lightning software, including Alex Bosworth, Johan Halseth, and Oliver Gugger, among others.

Source: BitMEX

Square Crypto is ranked third, per BitMEX, which currently employs notable bitcoin developer Matt Corallo, as well as provides grants to other bitcoin and lightning developers.

Square Crypto is followed by the Massachusetts Institute of Technology (MIT) Media Lab’s Digital Currency Initiative (DCI) and Chaincode Labs. The latter, in fact, is the largest contributor to bitcoin core development, per the data.

BitMEX said the current situation of bitcoin development is “more healthy” than it has been in the past, because of the availability of finance, transparency, and the degree of distribution among financial backers.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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