About

Gitcoin is a financial technology company that develops a blockchain-based platform that enables open-source developers to monetize their work when it is used.

History

Open source has been the vanguard of technological advancement, creating over $500 billion in yearly economic output. However, there is a huge disparity between the economic value that open source provides and developers' income. With the mission to close down this gap, Gitcoin was founded by Kevin Owocki, Scott Moore, and Vivek Singh in November 2017 and joined Consensys as one of the portfolio projects. In April 2021, Gitcoin raised $11.3 million in an investment round led by Paradigm, which helped them spin out of Consensys and become more independent. Today, Gitcoin has managed to congregate $28.0 million worth of funding towards open source software through its quarterly grants, bounties, hackathons, Kudos, and other products. Notable projects that have benefited from Gitcoin's funding include Uniswap, 1Inch, Yearn Finance, and more. In May 2021, Gitcoin's DAO and the governance token GTC were launched; the goal was to become more decentralized by transferring control over to the community.