The Massachusetts Institute of Technology, better known by its acronym MIT, has announced the creation of the Bitcoin Development Fund to cover salaries, travel and work costs of Gavin Andresen, Wladimir van der Laan, and Cory Fields, the three leading developers of the Bitcoin Core project.
In a positive sign of widespread support for the project, the fund has already raised $900,000 from companies including BitFury, Bitmain, Chain, Circle and Nasdaq, as well as individual contributions from Jim Breyer, Founder and Chief Executive Officer of Breyer Capital; Jim Pallotta, chairman and managing director of the Raptor Group; Jeff Tarrant and LinkedIn co-founder Reid Hoffman.
Brian Forde, Director of the Digital Currency Initiative at MIT explained in an announcement post on Medium that the donations have been made as unrestricted gifts, meaning that while the funds are currently limited to supporting Bitcoin protocol development, donors have no influence over any of the work the developers are doing.
While the fund itself is currently setup to assist in the development of Bitcoin Core, it may be open to other cryptocurrency projects later.
“We’re open to supporting another Bitcoin developer if there is a real demonstrated need,” Forde said. “We also encourage