HDR Global Trading, the parent company of BitMEX, a cryptocurrency derivatives exchange, provided $60,000 in funding to Bitcoin core developers. It was Michael Ford who got the donation and was called "Fanquake" in the developer community.
Ford has been working on the development of Bitcoin code since 2012. In June of this year, he became the fifth "bitcoin maintainer", which means he has the right to include new code in the real bitcoin code base.
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HDR Global Trading said that there is no condition for accepting the funds, so that Ford can continue to maintain the Bitcoin network and push the code in real time.
Sam Reed, co-founder and chief technology officer of HDR Global Trading, said in a statement that bitcoin development "is heavily dependent on programmers (and mostly volunteers) who are pursuing Bitcoin's mission and vision. Very difficult, demanding, and often unpleasant."
Reed further explained the reasons behind HDR Global Trading's donation of the funds, adding that the company benefits from the work of such developers and believes that it should pay off.
"If there are no professional OSS (open source software) developers dedicated to millions of hours of free working hours, from the operating system to the web server, operating system tools to Bitcoin itself, the BitMEX trading platform is impossible."
In 2017, only the BitMEX exchange achieved $70 million in revenue. Despite the bear market, the exchange's business has not been affected too much. In June of this year, BitMEX CEO Arthur Hayes pointed out that the exchange had a transaction volume of $1 trillion last year.
HDR Global Trading previously donated money to the Massachusetts Institute of Technology's (MIT) Digital Currency Initiative to support its cryptocurrency research and funded the work of Bitcoin Core developers Wladimir van der Laan and Cory Fields.
In announcing the donation, the company said, "HDR Global Trading is proud to support Bitcoin research and development, which will make Bitcoin more powerful and improve the robustness, scalability and privacy of Bitcoin."