Brink receives a generous $3.6m donation from Coinbase to support Bitcoin development
Coinbase, a prominent cryptocurrency exchange, has announced a generous donation of $3.6 million to Brink, a non-profit organization focused on Bitcoin. This donation marks the conclusion of Coinbase’s GiveCrypto initiative, which aimed to distribute digital currency to individuals living in poverty. While Coinbase terminated GiveCrypto in December due to its lack of lasting impact, the company is now allocating its remaining assets to both Brink and the charity platform GiveDirectly.
Brink, established in 2020, has a clear mission to enhance the Bitcoin protocol through research, development, and support for the Bitcoin developer community. The organization offers a fellowship program to integrate new software engineers into Bitcoin development, as well as a grants program for experienced developers. With the donation from Coinbase, Brink plans to provide further support to its developers working on the Bitcoin codebase.
This is not the first time Brink has received significant funding. In June 2023, the organization received $5 million from Jack Dorsey’s Start Small funding initiative. Additionally, investment firm VanEck pledged in January to donate 5% of its spot Bitcoin ETF profits to Brink.
Mike Schmidt, Co-Founder of Brink, expressed his excitement about the contribution from Coinbase, stating, “Brink is thrilled to receive one of the largest donations for Bitcoin open source developers from one of the leading companies in the industry, Coinbase. With these funds, we will continue our mission to support the Bitcoin developer ecosystem through funding, education, and mentoring.”
As Coinbase makes this substantial donation to Brink, it demonstrates the company’s commitment to supporting the development and growth of the Bitcoin community. This contribution will undoubtedly contribute to the advancement of the Bitcoin protocol and the overall success of the cryptocurrency industry.
