Jack Dorsey, the former CEO of Twitter, has generously donated $21 million to OpenSats, a platform dedicated to supporting Bitcoin (BTC) development.
The nonprofit organization revealed Dorsey’s significant contribution in a blog post dated May 4, highlighting that the funds will be utilized to strengthen resources available for open-source projects, thereby offering vital support to innovators worldwide.
Dorsey, who led Twitter (now known as X) from 2015 to 2021, confirmed the donation in response to a post by technology expert and whistleblower Edward Snowden. Snowden was cautioning Bitcoin developers about the importance of integrating privacy measures at the protocol level.
In addition to backing open-source projects, Dorsey’s donation includes designated funds for legal defense for Bitcoin developers. This demonstrates the Square CEO’s ongoing support for the Bitcoin community and his belief in its capacity to transform finance and technology.
OpenSats also disclosed its allocation of funds, with $15 million designated for its General Fund, $5 million for the Nostr Fund, and $1 million for operational budgets.
The General Fund, comprising contributions from individuals and organizations, serves to support Bitcoin-related free and open-source projects and contributors.
The Nostr Fund aids in the development of Nostr, a decentralized social network utilizing relays for message transmission. The platform has gained immense popularity, boasting 16 million users, with half a million reportedly logging in daily.
OpenSats has a track record of supporting various initiatives aimed at expanding the Bitcoin ecosystem and other open-source projects. It has previously backed 21 teams, including BTCPay Server, which enables users to process payments on their own servers, and the Bitcoin Policy Institute.
OpenSats encouraged open-source developers in need of funding to apply without hesitation. The organization invites developers from around the globe to seize this opportunity by visiting opensats.org/apply.
Summary Review: Jack Dorsey’s substantial $21 million donation to OpenSats underscores a significant boost for Bitcoin development. With a focus on supporting open-source projects and providing legal defense for Bitcoin developers, this contribution reflects Dorsey’s steadfast commitment to advancing the Bitcoin community’s goals. OpenSats’ allocation of funds further strengthens its mission, with significant investments in its General Fund and the Nostr Fund, as well as operational budgets. As OpenSats continues to champion innovation in the Bitcoin world and beyond, it encourages open-source developers worldwide to explore funding opportunities and contribute to the evolution of technology.
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