The research arm of cryptocurrency commutation, BitMEX, shed some light on who is funding the development of the open up source software behind Bitcoin (BTC).

According to a BitMEX Research report published on March 28, blockchain firms Blockstream and Lightning Labs are the largest contributors to Bitcoin development. On the other hand, Bitcoin research business firm, Chaincode Labs, is the largest financial supporter of Bitcoin Cadre software development. The researchers note:

"We conclude that the situation is more healthy than it has been in the past, with respect to the availability of finance, transparency, and the caste of distribution among financial backers."

BitMEX researchers used publicly available information and data obtained from the individuals involved to create what they believe is the almost comprehensive picture of open source Bitcoin developer funding.

According to the information, Blockstream and Lightning Labs both employ viii developers to work on Bitcon, followed past Foursquare Crypto which employs 7. Likewise MIT's Digital Currency Initiative (DCI) has 6 developers dedicated to Bitcoin, every bit does Chaincode and Purse.

Number of Bitcoin Core developers funded per firm

Number of Bitcoin Core developers funded per business firm. Source: BitMEX Research

BitMEX researchers also looked at activity in the Bitcoin Core repository in an effort to identify the elevation contributors and make up one's mind their source of funding. This data shows that 11 out of the tiptop 33 most active Bitcoin developers are contained, seven are paid past Chaincode, three by Blockstream.

Funding of top 33 Bitcoin Core developers

Funding of top 33 Bitcoin Core developers. Source: BitMEX Research

Bitcoin development sees stable funding

As an increasing number of companies and institutions view Bitcoin as an of import piece of infrastructure for the hereafter of finance, the project sees an increase in entities that fund its evolution. As Cointelegraph reported at the kickoff of the current month, Square Crypto, the payments visitor launched by Twitter founder Jack Dorsey, is now supporting Bitcoin development with grants.