Btrust, a non-profit formed by Jack Dorsey and Jay-Z, acquires Qala, a firm training Bitcoin … [+]
Btrust, the bitcoin non-profit that Block CEO Jack Dorsey and rapper Jay-Z formed to support Bitcoin
BTC
This deal, which could pass as a synergistic acquisition, presents an opportunity for the two entities to realize their shared vision of advancing Bitcoin development in Africa. Btrust, seeded with 500 BTC at launch, has the financial resources but doesn’t have the structure to develop the African Bitcoin talent pipeline. It relies on giving out grants to fulfill its mandate. Qala, on the other hand, has the system but lacks the resources to do it sustainably.
Responding to a question regarding Qala’s biggest challenge, CEO Femi Longe was upfront that finance has been number one. Qala was designed as a social enterprise and doesn’t earn revenues. It has relied on grants from organizations, including the Human Rights Foundation and Coinbase Giving.
“The challenge is that generosity and sometimes opportunities in Bitcoin kind of tracks with the price of bitcoin just as hiring does, which is the second challenge we faced. So when there is a bear market, bitcoin companies tighten their buckles,” Longe said.
In addition to the financing required for the day-to-day operations, Qala also needs funds to pay fellows who make it to the intensive part of the program a stipend to make sure their primary focus is on the training program.
There is also the reality that persuading senior-level engineers to transition into Bitcoin development comes at a higher cost, partly because they would expect a commensurate stipend as part of the program. Their significance lies in their ability to solve complex challenges quicker than junior and mid-level peers.
Longe added, “We’ve gotten junior to mid-level talent, but how do you attract very senior developers to consider this a viable pathway? I believe with the resources we have access to as part of the trust, the opportunities and the pathways to experiment and explore more in that direction [getting senior talents] increases.”
Longe and Stephanie Titcombe, program manager at Qala, will join Btrust as program leads for Btrust Builders. The program is shifting focus to open-source training and is inviting senior African software developers to participate in Bitcoin and Lightning development.
“We’re incredibly proud to welcome Femi and his excellent team to Btrust,” said Btrust Board Member Ojoma Ochai. “With Qala’s extensive outreach and world-class programs, the organization has made rapid progress in driving open-source development in the Global South through the advancement of education within the region, which is heavily aligned with our core mission at Btrust.”
“When we launched our program in 2021, our objective was straightforward: to cultivate a substantial number of African engineers well-versed in Bitcoin’s potential to transform the continent,” said Bernard Parah, co-founder & director of Qala. “Today’s announcement significantly expedites this mission, enhancing our ability to not only grow our current community but also provide them with the resources to actively contribute to Bitcoin’s open-source development as a crucial solution to Africa’s distinct socio-economic challenges.”
