Coinbase donated $3.6 million. Bitcoin BTC
+0.37%
Last December, the exchange said it was ending the initiative as it could not have a lasting impact. At the time, Coinbase said it would split the remaining funds between Brink and a charity platform called GiveDirectly, but did not specify the amount.
Founded in 2020, Brink aims to improve the Bitcoin protocol through research and development and support of the Bitcoin developer community. It offers a fellowship program to bring new software engineers into Bitcoin development and a grant program for existing Bitcoin developers.
Brink said the funds will be used directly to support beneficiaries, many of whom are developers focused on the Bitcoin codebase.
“Brink is excited to receive one of the largest Bitcoin open source developer donations from Coinbase, one of the largest companies in the space. “With these funds, we will continue our mission to support the Bitcoin developer ecosystem through funding, education, and mentorship,” said Brink co-founder Mike Schmidt.
In June 2023, Brink raised $5 million from Jack Dorsey’s Smart Small funding initiative to support independent Bitcoin developers through grants. In January 2024, investment firm VanEck pledged 5% of the profits of its spot Bitcoin ETF to Brink.
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Tim is the editor-in-chief of The Block. Before joining The Block, Tim worked as a news editor at Decrypt. He holds a BA in Philosophy from York University and studied News Journalism at Press Association Training. X Follow him at @Timccopeland