Crypto exchange OKCoin pledges $10 million to Bitcoin developers

San Francisco-based crypto exchange OKCoin has pledged to donate 1,000 bitcoin into a community ‘voting-based’ development fund for the Bitcoin, Bitcoin Cash and Bitcoin SV projects.

The initiative called “‘Let’s Build Bitcoin Together” will let crypto enthusiasts come to the OKCoin platform and “vote for which project they would like to receive a donation.”

The exchange has stipulated that for every vote received, “OKCoin will send 0.02 BTC (or the BCH or BSV equivalent) on the voter’s behalf to the selected project,” up to 1,000 bitcoin ($10 million). At the end of the campaign, the amount raised per project will be divided and evenly distributed amongst the developers and organizations chosen by the community. 

Tim Byun, OKCoin CEO said, in a statement, “There is no question that the past few years have been a roller coaster for the whole community, so we’ve decided to step up and give back to the developers who keep moving us forward.”

Donation recipients for Bitcoin will all go to the almost universally implemented version of the network, Bitcoin Core, which is used by nearly 97 percent of the current 9,496 public nodes running on the Bitcoin network today.

Bitcoin Core developers listed for donations include Luke Dashjr, Ben Woosley, fanquake (Michael Ford), Sjors Provoost, Jonas Schnelli, and Jimmy Song. 

For Bitcoin Cash, the fund is split between the three major node implementations: Bitcoin ABC, BCHD and Bitcoin Unlimited.

Finally, for the Craig Wright and Calvin Ayre-backed Bitcoin SV, the community will have two choices: the Bitcoin Association and CambrianSV, two companies helping to boost the coin. Neither of which is likely to line the pockets of Craig Wright, who has recently suffered his second lawsuit loss in the last month. Ouch.