Key Points
- Coinbase is donating $3.6 million to Bitcoin-focused nonprofit Brink, ending its GiveCrypto initiative.
- Brink intends to use the donation to further support its developers on the Bitcoin codebase.
Coinbase is ending its GiveCrypto initiative with a $3.6 million donation to Brink, a nonprofit focused on Bitcoin.
Previously, Coinbase discontinued GiveCrypto in December, stating it did not have a lasting impact.The company had plans to divide the remaining assets between Brink and GiveDirectly, a charity platform.
However, the specific allocations were not initially revealed.
About Brink
Brink was established in 2020 with a mission to improve the Bitcoin (BTC) protocol.It does this through research, development, and support for the Bitcoin developer community.
Brink also offers a fellowship to integrate new software engineers into Bitcoin development and a grants program for experienced developers.The donation from Coinbase will be used by Brink to further support its developers working on the Bitcoin codebase.
Brink has received significant funding in the past.This includes $5 million from Jack Dorsey’s Start Small funding initiative in June 2023.
Investment firm VanEck also pledged in January to donate 5% of its spot Bitcoin ETF profits to the nonprofit.
Brink Co-Founder Mike Schmidt expressed excitement about the donation from Coinbase.
He said, “Brink is excited to receive one of the biggest Bitcoin open source developer donations from one of the biggest companies in the space, Coinbase.
With these funds, we will continue our mission to support the Bitcoin developer ecosystem through funding, education, and mentoring.”
