OKCoin Grant Dishes $100K to Bitcoin Payment Processor

Completing its second independent developer grant, crypto exchange OKCoin has donated $100,000 to open-source crypto payment processor BTCPay Server. 

In addition to its worldwide fiat on-ramp/off-ramp focus, the OKCoin exchange sees the importance of furthering the industry's framework, OKCoin CEO Hong Fang told Cointelegraph, explaining:

"We also have a special responsibility to support free or open-source software (FOSS) development which provides the building blocks in which exchanges are built upon."

OKCoin initiated its grant in 2019

OKCoin started up its Independent Developer Grant in 2019, according to a statement provided to Cointelegraph. The grant aims to give capital to open-source Bitcoin (BTC) product builders. 

OKCoin gave its inaugural developer grant to Bitcoin Core developer Fabian Jahr back in February 2020, detailed in a blog post from OKCoin. The post noted the OKCoin's view on the importance of independent developers, calling them, "the real founders of the crypto industry."

Fang explained:

"We created the OKCoin Independent Developer Grant that embodies three tenets we believe are crucial to supporting crypto developers: focus on free or open-source software (FOSS), protect independence and encourage decentralization."

The new grant puts funding toward crypto payment adoption 

BTCPay Server gives online vendors and sites a way to accept and incorporate global Bitcoin payments, thus, giving BTC greater usability, the statement said. Programmers can also construct various solutions using BTCPay as a base, as the project's framework is decentralized and open-source.

BTCPay differs from other payment processors, such as BitPay. "BTCPay Server is a free and open-source payment processor," BTCPay Server contributor Pavlenex told Cointelegraph. "BTCPay Server is a code, not a company, it relies on the network of contributors around the internet." BTCPay also does not involve third parties or added fees, Pavlenex added. 

Additionally, BTCPay's framework holds vastly greater potential above basic transaction facilitation. "It's a tech-stack that allows you to build business and develop on top of it," Pavlenex said. 

OKCoin's move supports a project adding crypto payment channels to the mainstream world, while keeping with the decentralized and open-source movement. Last fall, Square Crypto also donated $100,000 to BTCPay as part of a similar gesture.