MIT’s Digital Currency Initiative raised $900,000 for the Bitcoin Developer Fund

Investing | March 30, 2016 By:

MIT Media Lab announced that it has raised $900,000 for the Bitcoin Developer Fund as a part of its Digital Currency Initiative. The funds raised would be used to to help independent research of bitcoin associated technology.

Core developers Gavin Andresen, Cory Fields and Wladimir van der Laan currently work as a team for the MIT’s Digital Currency Initiative and, according to DCI director Brian Forde, the Bitcoin Developer Fund is intended to give the three Bitcoin coders an academic platform to work on resolving the block-size debate and other similar technical challenges.

Forde said that the funds will support salaries, travel and development of overall protocol efforts associated with the Bitcoin ecosystem, not the administrative costs of DCI.

The donors to the fund include companies including BitFury, Bitmain, Chain, Circle and Nasdaq and individuals such asJim Breyer, Jim Pallotta, Jeff Tarrant, Reid Hoffman and Fred Wilson.