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.
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