GiveCrypto, an initiative founded by Coinbase CEO Brian Armstrong “to donate directly to those in need,” donated $3.6 million to Brink, a non-profit organization dedicated to funding Bitcoin developers.
Brink is pleased to donate $3.6 million to us. #Bitcoin GiveCrypto’s development funding efforts!
thank you @brian_armstrong and @Coinbase As well as the team @John Herring and @FEhrsam Thank you for helping us make this happen!
— Brink (@bitcoinbrink) February 16, 2024
Founded by renowned Bitcoin developers John Newbery and Mike Schmidt, Brink aims to provide financial support and mentorship to promising developers involved in open source Bitcoin development. Interested Bitcoin developers can apply for Brink’s scholarships and grants, and a list of current recipients and alumni can be found on the website here.
“This donation to a core Bitcoin developer through Coinbase’s GiveCrypto program is one of the largest single Bitcoin developer donations in history,” said Mike Schmidt, Brink co-founder and executive director. “Brink is honored to be the recipient of this donation, and it shows in the important work Brink engineers do every day on the open source software at the core of the Bitcoin ecosystem.”
GiveCrypto’s significant donation will allow Brink to expand its efforts to fund Bitcoin developers and support essential projects within the Bitcoin ecosystem. Brink aims to accelerate the advancement of the Bitcoin protocol and drive innovation by providing resources and funding to passionate developers.
“This builds on our previous partnership with Coinbase’s Crypto Community Fund, and 100% of these funds will go to developers with no strings attached,” Schmidt said. “I would like to personally thank Brian Armstrong, John Hering, and the Coinbase team for making this fantastic developer funding donation possible.”
Last December, Coinbase announced that it was shutting down GiveCrypto despite its positive impact because it wanted a “new direction.” So Coinbase declared: Donate any remaining funds from GiveCrypto to Brink and GiveDirectly.
“Brink is working to strengthen Bitcoin software and protocols, and GiveDirectly is better equipped to ensure that cryptocurrency donations reach those who need them most and enjoy lasting benefits,” Coinbase said.