BitMEX Offers Financial Support to MIT to Conduct Crypto Research

According to an announcement published on May 28, The owner and operator of cryptocurrency exchange BitMEX has donated to the Massachusetts Institute of Technology (MIT) to conduct cryptocurrency-based research primarily focusing on Bitcoin.

The funds are to be allocated to aid Bitcoin Core developers Wladimir van der Laan, and Cory Fields.

HDR Global Trading Limited has made a contribution to the MIT Digital Currency Initiative (DCI), with a primary goal of conducting the research necessary to enhance the growth rate of Blockchain technology as well as Cryptocurrencies.

Sam Reed, CTO of HDR Global Trading and co-founder of BitMEX was vocal about his belief in Bitcoin and Blockchain technology as the future.

“Donation into research and development is about ensuring that the network is more robust. A stronger Bitcoin network will be beneficial to all, and we are very excited to be able to aid in its progress.”

The Giving Pledge

BitMEX co-founder Ben Delo has joined the elite list of over 200 other billionaires who have pledged to donate the majority of his wealth to charitable causes. The pledge is known as The Giving Pledge and includes financial investing legend Warren Buffet, Tesla and SpaceX CEO Elon Musk (who needs no introduction) and Facebook founder Mark Zuckerberg, Microsoft’s Bill Gates to name a few. In his pledge, Delo promises to “safeguard future generations and protect the long-term prospects of humanity.” by directing his wealth to “navigate the challenges and opportunities posed by new technologies in the upcoming century.” And What better technology to invest in other than Blockchain.

In April, HDR Global Trading Limited had partnered with United States-based Trading Technologies International (TT), A professional trading infrastructure firm to open up its products to cryptocurrency traders. TT traders thus will be able to trade on BitMEX and will gain access to Bitcoin-based XBTUSD Perpetual Swap and all its other crypto products and services.

The Future of Bitcoin & Crypto

The major drawback of the technology is the lack of a proper consensus algorithm. Bitcoin currently uses Proof-of-Work Algorithm for consensus which is very demanding energy wise Another bottleneck of the technology is the scalability and ability to built Applications on top of it. Bitcoin doesn’t support the creation of Distributed Applications on top of it like Ethereum. But Now with MIT and other major universities working together to conduct research and improve the current framework, the rate of growth of Blockchain and Cryptocurrencies just rose exponentially.

Bitcoin prices have skyrocketed since the fall last year. The current market value of 1 BTC is at a mind-boggling 8,615 USD. It is not the same currency that was once popular for illegal purchases in the Dark Web. Amazon, Facebook, AT&T, and several other multinational companies have started investing in Blockchain and Cryptocurrencies. Facebook has been all over the internet for its Cryptocurrency Project. AT&T and Amazon have been securing Patents related to Blockchain and Cryptocurrencies. Ethereum 2.0 is under development and will revolutionalize Distributed Application Development.

With billionaires and Researchers embracing Blockchain Technology, the future of a Transparent Decentralized Web doesn’t seem like a long distant dream anymore.

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Posted By

Abishek Dharshan

Abishek is an Entrepreneur, Digital Nomad, Student, and ICO Marketing Manager currently based in Berlin & Champaign. He is actively involved in the Blockchain space and has worked in numerous projects in the Silicon Valley since 2017. His interests revolve around Finance, Consulting, and Blockchain Research.