Bruce Fenton: Bitcoin Foundation unlikely to fund core development

Bruce Fenton, the newly elected Bitcoin Foundation executive director, has suggested that the foundation is not likely to go ahead with proposed plans to boost bitcoin core development.

The news comes post last week'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.

Fenton said that he was not involved in the discussions about the core developers joining MIT, but that the organization would continue to support the developers. Moreover, he distanced the foundation from earlier reports that it was looking to create a venture-funded entity as part of a plan to spin off its development efforts.

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