Coinbase Donates $3.6M to Brink for Bitcoin Development
Coinbase has pledged $3.6 million to Brink, a nonprofit organization dedicated to advancing Bitcoin.
This contribution comes as Coinbase concludes its operations with GiveCrypto, a program focused on distributing cryptocurrency to individuals in need.
Brink is excited to announce a $3.6m donation to our #Bitcoin development funding efforts from GiveCrypto!
Thank you to @brian_armstrong and the @coinbase team as well as @johnhering and @FEhrsam for your support in making this happen!
— Brink (@bitcoinbrink) February 16, 2024
The decision to wind down GiveCrypto was announced in December, citing challenges in sustaining long-term impact.
In light of this, Coinbase opted to allocate the remaining funds to Brink, along with another charitable platform called GiveDirectly, without specifying the exact distribution.
Established in 2020, Brink focuses on enhancing the Bitcoin protocol through various avenues such as research, development, and support for the Bitcoin developer community.
Brink intends to utilize the donated funds to directly aid its grantees, who are actively engaged in enhancing the Bitcoin codebase. Mike Schmidt, co-founder of Brink, expressed enthusiasm about receiving one of the largest contributions from a major industry player like Coinbase.
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He emphasized the significance of these funds in furthering Brink’s mission of bolstering the Bitcoin developer ecosystem through financial support, educational efforts, and mentorship.
Previously, in June 2023, Brink secured $5 million from Jack Dorsey’s Smart Small funding initiative to bolster independent Bitcoin developers through grant programs. Additionally, in January 2024, investment firm VanEck committed to contributing 5% of its spot bitcoin ETF profits to support Brink’s endeavors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
