May 5 (Cointime) - OpenSats, a non-profit organization that supports free and open-source software and projects related to Bitcoin, announced that it has received a donation of $10 million from #startsmall, Jack Dorsey's philanthropic initiative.
We have received $10M in additional funding that will be used to support free and open source software. 🫡https://t.co/KCU8oq4wcE pic.twitter.com/cKnXnkG2tX
— OpenSats (@OpenSats) May 4, 2023
According to a blog post, half of the donation amount, $5 million USD, will be used to advance the new and growing nostr ecosystem. OpenSats has set up a committee of nostr developers and tinkerers to help evaluate projects and protocol contributions.
OpenSats says it will maintain its 100% pass-through operation, ensuring that all donated funds will be entirely allocated to projects that have been reviewed and approved by the OpenSats board of directors, unless they are explicitly designated for operational purposes. The firm stated:
"#startsmall's donation includes funding for OpenSats' operational budget, which will allow us to remain 100% pass-through, expand efforts, and streamline operations as a 501(c)(3) public charity going forward."
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