#Open-source platform Merit Systems secures $10 million in funding#

Merit Systems, an open-source economic infrastructure platform, has announced the completion of a $10 million seed funding round led by a16z crypto and Blockchain Capital, with participation from Solana co-founder Toly, Not Boring Capital founder Packy McCormick, Farcaster co-founder Dan Romero, and Framework Ventures co-founder Vance Spencer. The funding will be used to accelerate the development of the open-source economy. Merit Systems is focused on solving the “attribution problem” in open-source software, providing fair attribution and reward mechanisms for open-source developers and allowing users to pay directly to software creators.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 version by the end of February. Located at the Domino Sugar Factory in Brooklyn, the company plans to add seven new employees in the coming months, fostering a team culture focused on in-person collaboration.