University Massachusetts Institute of Technology (MIT) has launched a $900,000 Bitcoin Developer Fund backed by a range of corporates including stock exchange Nasdaq, bitcoin wallet provider Circle and blockchain platform developer Chain.
Bitcoin Developer Fund has also attracted Bitfury, which produces semiconductors and servers for Blockchain transaction processing, chip maker Bitmain and assorted angel investors.
The scheme is the result of MIT’s Digital Currency Initiative, a cryptocurrency research and development program launched by MIT Media Lab in April 2015. It will cover wages, travel and support including workshops for Bitcoin technology developers.
The fund’s capital was partially raised in Bitcoin and converted into US dollars. All of the cash is considered an unrestricted gift by the institution.