#Open-source incentive platform secures millions in funding#

Open-source incentive platform Merit Systems announced today it has closed a $10 million seed funding round led by Andreessen Horowitz's crypto fund and Blockchain Capital, with participation from Solana co-founder Toly, Not Boring Capital founder Packy McCormick, and others. The funds will be used to accelerate the development of the open-source economy.Merit Systems aims to solve the “attribution problem” in open-source software, where developers struggle to receive the appropriate recognition for their contributions. They achieve this by building a protocol that provides fair attribution and reward mechanisms for open-source developers, enabling users to directly pay software creators. Co-founded by Sam Ragsdale, Ryan Sproule, and Mason Hall, Merit Systems is currently valued at $55.5 million and is expected to launch a broader product release at the end of February. The company is headquartered at the Domino Sugar Factory in Brooklyn and plans to add seven employees over the next few months, fostering a team culture focused on in-person collaboration.