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CDS Crypto News Coinbase grants 3.6 million Dollars to bolster Bitcoin developer support via Brink

Crypto News

Coinbase grants 3.6 million Dollars to bolster Bitcoin developer support via Brink

In December, Coinbase announced the winding down of its GiveCrypto initiative, with plans to distribute the remaining funds to Brink and GiveDirectly.

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Crypto News– Coinbase has announced a significant donation of $3.6 million to support the nonprofit organization Brink, which is dedicated to advancing the Bitcoin ecosystem. This comes as Coinbase wraps up its GiveCrypto initiative, a project aimed at distributing cryptocurrency to individuals living in poverty, citing its inability to achieve lasting impact.

Coinbase grants 3.6 million Dollars to bolster Bitcoin developer support via Brink

Following the decision to wind down GiveCrypto in December, Coinbase disclosed its intention to divide the remaining funds between Brink and another charitable platform called GiveDirectly, though exact amounts were not specified at the time.

Established in 2020, Brink is committed to strengthening the Bitcoin protocol through research, development, and support for the Bitcoin developer community. The organization operates fellowship and grants programs aimed at both introducing new software engineers to Bitcoin development and providing support to existing developers.

According to Brink co-founder Mike Schmidt, the donation from Coinbase represents one of the largest contributions to Bitcoin open-source development from a major industry player. Schmidt expressed enthusiasm for the opportunity to further Brink’s mission of nurturing the Bitcoin developer ecosystem through funding, education, and mentorship.

Brink has previously secured funding from various sources, including a $5 million investment from Jack Dorsey’s Smart Small initiative in June 2023. Additionally, in January 2024, investment firm VanEck pledged a portion of its spot bitcoin ETF profits to support Brink’s efforts in empowering independent Bitcoin developers through grants.

Sources:theblock

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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