Bitcoin Foundation Director: No Plans to Fund Core Development

Newly appointed Bitcoin Foundation executive director Bruce Fenton has indicated that the trade organization is unlikely to pursue proposed plans to support bitcoin core development.

The statements come on the heels of Wednesday's announcement that bitcore core developers Gavin Andresen, Wladimir van der Laan and Cory Fields had joined MIT Media Lab's Digital Currency Initiative in a full-time capacity due in part to the financial issues facing the Bitcoin Foundation.

Fenton reported that he was "not part" of discussions about the core developers joining MIT, but that the Foundation would continue to be supportive of the developers. Further, Fenton distanced the organization from past reports that it was seeking to form a venture-funded entity as part of a plan to spin off its development efforts.

Fenton told CoinDesk:

"I don't see us working to directly fund core development or create a new organization to do so in the near future."

The executive director added that the Foundation aims to pursue areas where for-profit activities aren't likely to compete with its efforts.

Outgoing interim executive director Patrick Murck, who first proposed the new development-oriented company in March, was equally supportive of the move.

"This is a big step forward for MIT and the bitcoin project," he continued, adding:

"MIT has a powerful brand and will instantly bring increased credibility and academic rigor to the bitcoin core project."