Merit Systems completes US$10 million in financing and is committed to solving open source developer incentive issues

PANews reported on January 17 that Merit Systems, headquartered in Brooklyn, New York, announced the completion of a $10 million seed round of financing, led by Andreessen Horowitz’s crypto fund and Blockchain Capital. Merit is committed to solving the long-standing "attribution problem" by establishing a protocol that provides fair attribution and reward mechanisms for open source developers, allowing users to pay software creators directly.

Merit, co-founded by Sam Ragsdale, Ryan Sproule and Mason Hall, is currently valued at $55.5 million and is expected to launch a wider product version by the end of February. The company's Domino Sugar Factory office building in Brooklyn plans to add seven new employees in the next few months to create a team culture focused on on-site collaboration.